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.