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Retained Earnings

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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$ 6,900Accumulated Depreciation—Equipment$ 800Accounts Receivable480Notes Payable4,200Prepaid Rent600Accounts Payable900 Supplies 800Salaries and Wages Payable400 Equipment12,100 Interest Payable80 Dividends500Unearned Rent Revenue300Salaries and Wages Expense7,600 Common Stock12,980 Rent Expense2,000Service Revenue11,400 Depreciation Expense800Rent Revenue1,200 Supplies Expense 100 Utilities Expense 300 Interest Expense80$32,260 Determine the net income for the quarter April 1 to June 30. Net income$ 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$


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