Question

View Policies Current Attempt in Progress Splish Brothers Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Debit $7,000 580 600 900 12,500 500 7,600 1,800 700 100 400 80 $32,760 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Service Revenue Rent Revenue Credit $ 700 3,900 700 400 80 300 14,280 11,400 1,000 $32,760 Determine the net income for the quarter April 1 to June 30. ot M

Answer 1

7,000 580 600 Cash Accounts receivable Prepaid rent Supplies Equipment Less: Accumulated depreciation Equipment Total assets 900 12,500 -700 20,880 3,900 700 400 Notes payable Accounts payable Salaries and wages payable Interest payable Unearned rent revenue Total liabilities 80 300 5,380

11,400 1,000 12,400 Service revenue Rent revenue Total revenue Less: Expenses Salaries and wages expense Rent expense Depreciation expense Supplies expense Utilities expense Interest expense Net income 7,600 1,800 700 100 400 80 10,680 1,720 Net income Less: Dividends Retained earnigns, June 30 1,720 -500 1,220