School Co. was organized on April 1, 2022. The company prepares quarterly financial statements. The
following adjusted balance amounts at June 30 are in alphabetical order.
Account
Adjusted
Bal.
Account
Adjusted
Bal.
Accounts Payable
$1,510
Prepaid Rent
$ 900
Accounts Receivable
600
Rent Expense
1,500
Accumulated Depreciation-
Equipment
850
Rent Revenue
800
Cash
6,700
Retained Earnings (April 1)
0
Common Stock
14,000
Salaries and Wages
Expense
9,400
Depreciation Expense
850
Salaries and Wages
Payable
400
Dividends
600
Service Revenue
14,200
Equipment
15,000
Supplies
1,000
Interest Expense
50
Supplies Expense
200
Interest Payable
50
Unearned Rent Revenue
500
Notes Payable (long-term)
5,000
Utilities Expense
510
Instructions:
a. Prepare an income statement for the quarter ended June 30, 2022.
b. Prepare a retained earnings statement for the quarter ended June 30, 2022.
c. Prepare a classified balance sheet at June 30, 2022.