Reference no: EM132975471
Yankee Hotel Foxtrot initiated operations on July 1, 2018. To manage the company officers and managers have requested monthly financial statements starting July 31, 2018. The adjusted trial balance amounts at July 31 are shown below.
Debits Credits
Cash $ 7,680 Accumulated Depreciation - Equipment $ 840
Accounts Receivable 810 Notes Payable 6,000
Prepaid Rent 1,965 Accounts Payable 2,140
Supplies 1,160 Salaries and Wages Payable 360
Equipment 11,400 Interest Payable 40
Dividends 800 Unearned Service Revenue 580
Salaries and Wages Expense 7,145 Common Stock 5,000
Rent Expense 2,740 Retained Earnings 5,640
Depreciation Expense 665 Service Revenue 14,390
Supplies Expense 580 Total credits $34,990
Interest Expense 45
Total debits $ 34,990
Problem (a) Determine the net income for the month of July.
Problem (b) Determine the total assets and total liabilities at July 31, 2018 for Yankee Hotel Foxtrot.
Problem (c) Determine the amount that appears for Retained Earnings at July 31, 2018.