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Sheffield Corp. was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30...
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 Receivable480
Notes Payable4,200
Prepaid Rent600
Accounts Payable900
Supplies800
Salaries and Wages Payable400
Equipment12,100
Interest Payable80
Dividends500
Unearned Rent Revenue300
Salaries and Wages Expense7,600
Common Stock12,980
Rent Expense2,000
Service Revenue11,400
Depreciation Expense800
Rent Revenue1,200
Supplies Expense100
Utilities Expense300
Interest Expense80
$32,260
Determine the net income for the quarter April 1 to June 30.
Net income$
Determine the total assets and total liabilities at June 30, 2020, for Sheffield Corp..
Total assets$
Total liabilities$
Determine the amount that appears for Retained Earnings at June 30, 2020.
Retained Earnings, June 30$
