On December 31, 2019, Krug Company prepared adjusting entries that included the following items:
Depreciation expense: $51,000;
Accrued sales revenue: $49,000;
Accrued expenses: $26,000;
Used insurance: $5,000; the insurance was initially recorded as prepaid.
Rent revenue earned: $3,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue.
If Krug Company reported stockholders' equity of $390,000 prior to the adjusting entries, how much is Krug's stockholders' equity after the adjusting entries?
|Accrued sales revenue||$ 49,000|
|Rent revenue earned||$ 3,000|
|Depreciation expense||$ 51,000|
|Accrued expenses||$ 26,000|
|Used insurance||$ 5,000|
|Net effect on net income||$ -30,000|
|Shreholders equity = $390000 -30000|
|Correct Option : A)$360,000.|
|NOTE: ASK YOUR QUERIES.PLEASE DO UPVOTE|
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