Skolnick Co. was organized on April 1, 2012. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below:
|
Debits |
Credits |
||
|
Cash |
$ 6,700 |
Accumulated Depreciation—Equipment |
$ 850 |
|
Accounts Receivable |
600 |
Notes Payable |
5,000 |
|
Prepaid Rent |
900 |
Accounts Payable |
1,510 |
|
Supplies |
1,000 |
Salaries and Wages Payable |
400 |
|
Equipment |
15,000 |
Interest Payable |
50 |
|
Dividends |
600 |
Unearned Rent Revenue |
500 |
|
Salaries and Wages Expense |
9,400 |
Common Stock |
14,000 |
|
Rent Expense |
1,500 |
Service Revenue |
14,200 |
|
Depreciation Expense |
850 |
Rent Revenue |
800 |
|
Supplies Expense |
200 |
||
|
Utilities Expense |
510 |
||
|
Interest Expense |
50 |
||
|
Total debits |
$37,310 |
Total credits |
$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, 2012 for Skolnick Co.
(c) Determine the amount that appears for Retained Earnings.