Determine the amount that appears for Retained Earnings. 1 answer below »

 
   

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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.