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.