Kreutz Co. was organized on April 1, 2012. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown on the next page.
|
Cash |
$ 5,360 |
Accumulated Depreciation— |
$ 700 |
|
Accounts Receivable |
480 |
Equipment |
|
|
Prepaid Rent |
720 |
Notes Payable |
4,000 |
|
Supplies |
920 |
Accounts Payable |
790 |
|
Equipment |
12,000 |
Salaries and Wages Payable |
300 |
|
Owner’s Drawings |
500 |
Interest Payable |
40 |
|
Salaries and Wages Expense |
7,400 |
Unearned Rent Revenue |
400 |
|
Rent Expense |
1,200 |
Owner’s Capital |
11,200 |
|
Depreciation Expense |
700 |
Service Revenue |
11,360 |
|
Supplies Expense |
160 |
Rent Revenue |
1,100 |
|
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, 2012 for Kreutz Company.
(c) Determine the amount that appears for Owner’s Capital at June 30, 2012.