Skolnick 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
Credits
Cash
$ 6,700
Accumulated Depreciation—
$ 850
Accounts Receivable
600
Equipment
Prepaid Rent
900
Notes Payable
5,000
Supplies
1,000
Accounts Payable
1,510
Equipment
15,000
Salaries Payable
400
Dividends
600
Interest Payable
50
Salaries Expense
9,400
Unearned Rent
500
Rent Expense
1,500
Common Stock
14,000
Depreciation Expense
850
Commission Revenue
14,200
Supplies Expense
200
Rent Revenue
800
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, 2011.
(c) Determine the amount that appears for Retained Earnings.
