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Sheffield Corp. was organized

Sheffield Corp. was organized .

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.

Cash$ 6,900

Accumulated Depreciation—Equipment$ 800

Accounts Receivable480

Notes Payable4,200

Prepaid Rent600

Accounts Payable900


Salaries and Wages Payable400


Interest Payable80


Unearned Rent Revenue300

Salaries and Wages Expense7,600

Common Stock12,980

Rent Expense2,000

Service Revenue11,400

Depreciation Expense800

Rent Revenue1,200

Supplies Expense100

Utilities Expense300

Interest Expense80


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

Net income$

Determine the total assets and total liabilities at June 30, 2020, for Sheffield Corp..

Total assets$

Total liabilities$

Determine the amount that appears for Retained Earnings at June 30, 2020.

Retained Earnings, June 30$

Sheffield Corp. was organized


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