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Question - Sheffield Corp. was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.
Cash $6,900
Accumulated Depreciation-Equipment $800
Accounts Receivable 480
Notes Payable 4,200
Prepaid Rent 600
Accounts Payable 900
Supplies 800
Salaries and Wages Payable 400
Equipment 12,100
Interest Payable 80
Dividends 500
Unearned Rent Revenue 300
Salaries and Wages Expense 7,600
Common Stock 12,980
Rent Expense 2,000
Service Revenue 11,400
Depreciation Expense 800
Rent Revenue 1,200
Supplies Expense 100
Utilities Expense 300
Interest Expense 80
$32,260
Determine the net income for the quarter April 1 to June 30.
Determine the total assets and total liabilities at June 30, 2020, for Sheffield Corp.
Determine the amount that appears for Retained Earnings at June 30, 2020.
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