Maurice Tutor

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Category > Accounting Posted 25 Sep 2017 My Price 9.00

Danks Co

Danks Co. was organized on April 1, 2010.The company prepares quarterly financial statements.The adjusted trial balance amounts at June 30 are shown below.

Debits

    

Credits

  

Cash

$ 5,360

Accumulated Depreciation—

  

$700

Accounts Receivable

480

Equipment

    

Prepaid Rent

720

Notes Payable

  

4,000

Supplies

800

Accounts Payable

  

1,200

Equipment

12,000

Salaries Payable

  

300

John Danks, Drawing

500

Interest Payable

  

40

Salaries Expense

7,520

Unearned Rent

  

400

Rent Expense

1,200

John Danks, Capital

  

11,200

Depreciation Expense

700

Commission revenue

  

11,360

Supplies Expense

160

Rent revenue

  

690

Utilities Expense

410

Total credits

  

$29,890

Interest Expense

40

      

Total debits

$29,890

      
           

(a) Determine the net income for the quarter April 1 to June 30.

(b) Determine the total assets and total liabilities at June 30, 2010 for Danks Company.

(c) Determine the amount that appears for John Danks, Capital at June 30, 2010.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 9.00

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