Practice Do It! Review 02 a-c (Part Level Submission)

Sunland Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.

Debit

Credit

Cash$7,000Accumulated DepreciationEquipment$700Accounts Receivable380Notes Payable3,200Prepaid Rent700Accounts Payable800Supplies900Salaries and Wages Payable400Equipment12,900Interest Payable50Dividends

400Unearned Rent Revenue400Salaries and Wages Expense7,100Common Stock

14,280Rent Expense1,800Service Revenue11,200Depreciation Expense700Rent Revenue1,500Supplies Expense200$32,530Utilities Expense400Interest Expense50$32,530

(a)

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Determine the net income for the quarter April 1 to June 30.

Net income$

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(b)

Determine the total assets and total liabilities at June 30, 2020, for Sunland Company.

Yang Company

Total assets$

Total liabilities$