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.

"Get 15% discount on your first 3 orders with us"
Use the following coupon
"FIRST15"

Order Now