Danks Co. was organized on April 1, 2011. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.
|
Debits |
|
|
Cash |
$ 5,360 |
|
Accounts Receivable |
480 |
|
Prepaid Rent |
720 |
|
Supplies |
800 |
|
Equipment |
12,000 |
|
Dividends |
500 |
|
Salaries Expense |
7,520 |
|
Rent Expense |
1,200 |
|
Depreciation Expense |
700 |
|
Supplies Expense |
160 |
|
Utilities Expense |
410 |
|
Interest Expense |
40 |
|
Total debits |
$29,890 |
|
Credits |
|
|
Accumulated Depreciation— |
|
|
Equipment |
$ 700 |
|
Notes Payable |
4,000 |
|
Accounts Payable |
1,200 |
|
Salaries Payable |
300 |
|
Interest Payable |
40 |
|
Unearned Rent |
400 |
|
Common Stock |
11,200 |
|
Commission Revenue |
11,360 |
|
Rent Revenue |
690 |
|
Total credits |
$29,890 |
(a) Determine the net income for the quarter April 1 to June 30.
(b) Determine the total assets and total liabilities at June 30, 2011, for Danks Company.
(c) Determine the amount that appears for Retained Earnings at June 30, 2011.