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Trial Balance Skolnick Co. was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are
Trial Balance Skolnick Co. was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debit Credit Cash $ 6,700 Accumulated Depreciation Accounts Receivable 600 Equipment $ Prepaid Rent 900 Notes Payable 850 5,000 Supplies 1,000 Accounts Payable 1,510 Equipment 15,000 Salaries and Wages Payable 400 Owner's Drawings 600 Interest Payable Salaries and Wages Expense 9,400 Unearned Rent Revenue Rent Expense 1,500 Owner's Capital Depreciation Expense 850 Service Revenue Supplies Expense 200 Rent Revenue 50 500 14,000 14,200 800 Utilities Expense 510 Interest Expense 50 $37,310 $37,310 (a) Determine the net income for the quarter April 1 to June 30. (b) Determine the total assets and total liabilities at June 30, 2017, for Skolnick Co. (c) Determine the amount of owner's capital at June 30, 2017
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