Oriole Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debit   Credit Cash   $ 6,200   Accumulated Depreciation—Equipment   $ 800 Accounts Receivable   680   Notes Payable   4,300 Prepaid Rent   1,000   Accounts Payable   900 Supplies   900   Salaries and Wages Payable   300 Equipment   12,600   Interest Payable   70 Owner’s Drawings   400   Unearned Rent Revenue   300 Salaries and Wages Expense   7,200   Owner’s Capital   12,380 Rent Expense   1,400   Service Revenue   11,100 Depreciation Expense   800   Rent Revenue   1,700 Supplies Expense   100       $31,850 Utilities Expense   500         Interest Expense   70             $31,850   Determine the net income for the quarter April 1 to June 30. Net income   $   Determine the total assets and total liabilities at June 30, 2020, for Oriole Company.     Yang Company Total assets   $   Total liabilities   $   Determine the amount that appears for Owner’s Capital at June 30, 2020. Owner’s capital, June 30   $

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Oriole Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.

Debit
 
Credit
Cash   $ 6,200   Accumulated Depreciation—Equipment   $ 800
Accounts Receivable   680   Notes Payable   4,300
Prepaid Rent   1,000   Accounts Payable   900
Supplies   900   Salaries and Wages Payable   300
Equipment   12,600   Interest Payable   70
Owner’s Drawings   400   Unearned Rent Revenue   300
Salaries and Wages Expense   7,200   Owner’s Capital   12,380
Rent Expense   1,400   Service Revenue   11,100
Depreciation Expense   800   Rent Revenue   1,700
Supplies Expense   100       $31,850
Utilities Expense   500        
Interest Expense   70        
    $31,850  

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

Net income   $
 

Determine the total assets and total liabilities at June 30, 2020, for Oriole Company.

   
Yang Company
Total assets   $
 
Total liabilities   $
 

Determine the amount that appears for Owner’s Capital at June 30, 2020.

Owner’s capital, June 30   $
 
X Your answer is incorrect. Try again.
Determine the net income for the quarter April 1 to June 30.
Net income
X Your answer is incorrect. Try again.
Determine the total assets and total liabilities at June 3o, 2020, for Oriole Company.
Yang Company
Total assets
Total liabilities
x Your answer is incorrect. Try again.
Determine the amount that appears for Owner's Capital at June 30, 2020.
Owner's capital, June 30
Transcribed Image Text:X Your answer is incorrect. Try again. Determine the net income for the quarter April 1 to June 30. Net income X Your answer is incorrect. Try again. Determine the total assets and total liabilities at June 3o, 2020, for Oriole Company. Yang Company Total assets Total liabilities x Your answer is incorrect. Try again. Determine the amount that appears for Owner's Capital at June 30, 2020. Owner's capital, June 30
Do It! Review 3-04 a-c
Oriole Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.
Debit
Credit
Cash
$ 6,200
Accumulated Depreciation-Equipment
$ 800
Accounts Receivable
680
Notes Payable
4,300
Prepaid Rent
1,000
Accounts Payable
900
Supplies
900
Salaries and Wages Payable
300
Equipment
12,600
Interest Payable
70
Owner's Drawings
400
Unearned Rent Revenue
300
Salaries and Wages Expense
7,200
Owner's Capital
12,380
Rent Expense
1,400
Service Revenue
11,100
Depreciation Expense
800
Rent Revenue
1,700
Supplies Expense
100
$31,850
Utilities Expense
500
Interest Expense
70
$31,850
Transcribed Image Text:Do It! Review 3-04 a-c Oriole Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debit Credit Cash $ 6,200 Accumulated Depreciation-Equipment $ 800 Accounts Receivable 680 Notes Payable 4,300 Prepaid Rent 1,000 Accounts Payable 900 Supplies 900 Salaries and Wages Payable 300 Equipment 12,600 Interest Payable 70 Owner's Drawings 400 Unearned Rent Revenue 300 Salaries and Wages Expense 7,200 Owner's Capital 12,380 Rent Expense 1,400 Service Revenue 11,100 Depreciation Expense 800 Rent Revenue 1,700 Supplies Expense 100 $31,850 Utilities Expense 500 Interest Expense 70 $31,850
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