accounting
Sheridan Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.
| Debits | Credits | |||||
| Cash | R$ 6,000 | Accumulated Depreciation—Equipment | R$ 600 | |||
| Accounts Receivable | 480 | Notes Payable | 3,000 | |||
| Prepaid Rent | 1,000 | Accounts Payable | 700 | |||
| Supplies | 800 | Salaries and Wages Payable | 300 | |||
| Equipment | 11,000 | Interest Payable | 50 | |||
| Dividends | 400 | Unearned Rent Revenue | 300 | |||
| Salaries and Wages Expense | 7,000 | Share Capital—Ordinary | 11,580 | |||
| Rent Expense | 1,000 | Service Revenue | 11,000 | |||
| Depreciation Expense | 600 | Rent Revenue | 1,200 | |||
| Supplies Expense | 100 | R$28,730 | ||||
| Utilities Expense | 300 | |||||
| Interest Expense | 50 | |||||
| R$28,730 | ||||||
Determine the net income for the quarter April 1 to June 30. Determine the total assets and total liabilities at June 30, 2020, for Sheridan Company Determine the amount that appears for Retained Earnings at June 30, 2020.Net income/(loss) R$ eTextbook and Media
Sheridan Company Total assets R$ Total liabilities R$ eTextbook and Media
Retained Earnings, June 30 R$
Homework Answers
| a. Prepare Income Statement. | |||||
| Kang Company | |||||
| Income Statement | |||||
| For the Quarter ended 30 June,2020 | |||||
| Revenues | |||||
| Service Revenue | 14200 | ||||
| Add: Rent Revenue | 800 | ||||
| Total Revenues | 15000 | ||||
| Less:Expenses | |||||
| Salaries & wages Expense | 9400 | ||||
| Rent Expense | 1500 | ||||
| Depreciation Expense | 850 | ||||
| Utilities Expense | 510 | ||||
| Supplies Expense | 200 | ||||
| Interest Expense | 50 | ||||
| Total Expenses | 12510 | ||||
| Net Income | 2490 | ||||
| a. Prepare Retained Earnings Statement. | |||||
| Kang Company | |||||
| Retained Earnings Statement | |||||
| For the Quarter ended 30 June,2020 | |||||
| Owner's capital ,April 1 | 0 | ||||
| Add: Share capital-Ordinary | 14000 | ||||
| Net Income | 2490 | ||||
| Less: Dividends | 600 | ||||
| Owner's capital,June 30 | 15890 | ||||
| a. Prepare Statement of Financial Position. | |||||
| Kang Company | |||||
| Statement of Financial Position | |||||
| June 30,2020 | |||||
| Total Assets | Total Liabilities and Owner's Equity | ||||
| Cash | 6700 | Notes payable | 5000 | ||
| Accounts Receivable | 600 | Accounts payable | 1510 | ||
| Supplies | 1000 | Unearned rent Revenue | 500 | ||
| Prepaid Rent | 900 | Salaries & wages payable | 400 | ||
| Equipment | 15000 | Interest payable | 50 | ||
| Less:Accumulated depreciation -Equipment | 850 | 14150 | Total Liabilities | 7460 | |
| Owner's Equity | |||||
| Owner's capital ,April 1 | 0 | ||||
| Add: Share capital-Ordinary | 14000 | ||||
| Net Income | 2490 | ||||
| Less: Dividends | 600 | ||||
| Owner's capital,June 30 | 15890 | ||||
| Total assets | 23350 |
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picture.
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the trial balance before and after adjustment for Sheridan
company at October
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