(Solution) - Phelps Co was organized on April 1 2014 The company -(2025 Original AI-Free Solution)

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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.