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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
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
Total debits
$37,310
Total credits
(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.
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