Reference no: EM132488014

On December 31, 2011, Krug Company reported total assets of $390,000 prior to the following adjusting entries:

Point 1: Depreciation expense was $31,000;

 

Point 2: Accrued service revenues totaled $29,000;

Point 3: Accrued expenses totaled $12,000;

Point 4: Expired insurance which was prepaid totaled $9,000; Expired Prepaid Expense is expense

Point 5: Rent revenue earned was $7,000; the rent was prepaid by the tenant and credited to unearned rent revenue.

Question 1: How much are Krug's total assets after adjusting entries?

A) $350,000

B) $386,000

C) $379,000???

D) $374,000

E) $410,000