Phelps Co. was organized on April 1, 2014. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.

(a) Determine the net income for the quarter April 1 to June 30.
(b) Determine the total assets and total liabilities at June 30, 2014, for Phelps Company.
(c) Determine the amount that appears for Retained Earnings at June 30,2014.

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Debits 5,190 480 720 920 12,000 500 7,400 1,200 700 160 380 Accumulated Depreciation- 700 Cash Accounts Receivable Prepaid Rent Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Service Revenue Rent Revenue Total credits 4,000 790 300 Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Total debits 11,200 11.360 $29,690 $29,690