Skolnick Co. was organized on April 1, 2014. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.
|
Cash |
Debit |
Accumulated Depreciation- |
Credit |
|
$ 6,700 |
|||
|
Accounts Receivable |
600 |
Equipment |
$ 850 |
|
Prepaid Rent |
900 |
Notes Payable |
5,000 |
|
Supplies |
1,000 |
Accounts Payable |
1,510 |
|
Equipment |
15,000 |
Salaries and Wages Payable |
400 |
|
Owner’s Drawings |
600 |
Interest Payable |
50 |
|
Salaries and Wages Expense |
9,400 |
Unearned Rent Revenue |
500 |
|
Rent Expense |
1,500 |
Owner’s Capital |
14,000 |
|
Depreciation Expense |
850 |
Service Revenue |
14,200 |
|
Supplies Expense |
200 |
Rent Revenue |
800 |
|
Utilities Expense |
510 |
||
|
Interest Expense |
50 |
||
|
$37,310 |
$37,310 |
(a) Determine the net income for the quarter April 1 to June 30.
(b) Determine the total assets and total liabilities at June 30, 2014, for Skolnick Co.
(c) Determine the amount of Owner’s Capital at June 30, 2014.