Skolnick Co. was organized on April 1, 2022. The company prepares quarterly financial statements. The following adjusted
Question:
Skolnick 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.
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.
Асcount Adjusted Account Adjusted Bal. Bal. Prepaid Rent Accounts Payable $ 1,510 $ 900 Accounts Rent Receivable 600 Expense 1,500 Accumulated Depreciation- Equipment Rent 850 Revenue 800 Retained Earnings (April 1) Cash 6,700 Salaries and Wages Expense Common Stock 14,000 9,400 Salaries and Depreciation Expense Wages Payable 850 400 Service Revenue Dividends боо 14,200 Supplies Supplies Expense Equipment 15,000 1,000 Interest Expense 50 200 Unearned Rent Interest Payable 50 Revenue 500 Notes Payable (long-term) Utilities 5,000 Expense 510
Step by Step Answer:
a SKOLNICK CO Income Statement For the Quarter Ended June 30 2022 Revenues Service revenue 14200 Rent revenue 800 Total revenues 15000 Expenses Salari...View the full answer
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Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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