Solution-Determine the net income for the quarter

Determine the net income for the quarter

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Reference no: EM13507130

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.

Reference no: EM13507130

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Determine the net income for the quarter

Reference no: EM13507130

Reference no: EM13507130

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