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.