Yang Co. was organized on April 1, 2017. The company prepares quarterly financia
ID: 2543374 • Letter: Y
Question
Yang Co. was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.
Debit
Credit
$31,860
Determine the total assets and total liabilities at June 30, 2017, for Yang Company.
Yang Company
Debit
Credit
Cash $ 6,600 Accumulated Depreciation—Equipment $ 800 Accounts Receivable 580 Notes Payable 4,200 Prepaid Rent 800 Accounts Payable 800 Supplies 900 Salaries and Wages Payable 400 Equipment 12,300 Interest Payable 80 Owner’s Drawings 500 Unearned Rent Revenue 300 Salaries and Wages Expense 7,300 Owner’s Capital 12,880 Rent Expense 1,600 Service Revenue 11,000 Depreciation Expense 800 Rent Revenue 1,400 Supplies Expense 100 $31,860 Utilities Expense 300 Interest Expense 80$31,860
Determine the total assets and total liabilities at June 30, 2017, for Yang Company.
Yang Company
Total assets $ Total liabilities $Explanation / Answer
Cash 6600 Accounts Receivable 580 Prepaid Rent 800 Supplies 900 Equipment 12300 Less: Accumulated Depreciation—Equipment -800 Total assets 20380 Notes Payable 4200 Accounts Payable 800 Salaries and Wages Payable 400 Interest Payable 80 Unearned Rent Revenue 300 Total liabilities 5780
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