Sheffield Corp. was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.
Accumulated Depreciation—Equipment$ 800
Salaries and Wages Payable400
Unearned Rent Revenue300
Salaries and Wages Expense7,600
Determine the net income for the quarter April 1 to June 30.
Determine the total assets and total liabilities at June 30, 2020, for Sheffield Corp..
Determine the amount that appears for Retained Earnings at June 30, 2020.
Retained Earnings, June 30$