Reference no: EM132241009

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.