Question

Wildhorse Co. was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debits Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Credits R$ 6,600 Accumulated Depreciation Equipment R$ 800 680 Notes Payable 4,100 1,000 Accounts Payable 900 900 Salaries and Wages Payable 400 11,900 Interest Payable 70 400 Unearned Rent Revenue 300 7,200 Share Capital-Ordinary 12,080 1,900 Service Revenue 11,600 800 Rent Revenue 1,800 200 R$32,050 400 70 R$32,050 Determine the net income for the quarter April 1 to June 30. Net income/loss) R$ e Textbook and Media Determine the total assets and total liabilities at June 30, 2020, for Wildhorse Co. Wildhorse Co. Total assets R$ Total liabilities R$ e Textbook and Media Determine the amount that appears for Retained Earnings at June 30, 2020. Retained Earnings, June 30 R$

Answer 1

В LEIF G CD Wildhorse Co. Income Statement Dr. Cr. 2 3 Amount 11600 1800 no Particulars Salaries & wages Rent Expenses Depreciation Exp Supplies Exp Utilities Exp Interest Exp Net income Total Note: Net income for the Quarters Amount Particulars 7200 Service Revenue 1900 Rent Revenue 800 200 400 70 11 2830 13400 Total 2,830 13400 12 Balance Sheet Amount Assets 12080 Equipment= 11900 Liabilities Share Capital Amount Retained Earnings Retained Earnings at beginning Add: Net Income during the Quarter Less: Dividend Retained Earnings at end Retained Earnings at end Notes payable Accounts Payable Salaries & wages payable Interest Payable Unearned Rent Revenue 2,830 -400 2,430 2430 Less: Accumulated Dep. = (800) 4100 Supplies 900 Prepaid Rent 400 Accounts Receivable 70 Cash 300 11100 900 1000 680 6600 Total 20280 Total 20280