Everett Co. was organized on July 1, 2015

Everett Co. was organized on July 1, 2015Everett Co. was organized on July 1, 2015. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.

EVERETT CO.
Trial Balance
September 30, 2015

Unadjusted Adjusted
Dr. Cr. Dr. Cr.
Cash $ 8,728 $ 8,728
Accounts Receivable 10,418 11,456
Supplies 1,455 680
Prepaid Rent 2,214 1,215
Equipment 18,300 18,300
Accumulated Depreciation—Equipment $ – 0 – $ 694
Notes Payable 9,700 9,700
Accounts Payable 2,529 2,529
Salaries and Wages Payable – 0 – 710
Interest Payable – 0 – 97
Unearned Rent Revenue 1,913 1,027
Common Stock 22,160 22,160
Dividends 1,578 1,578
Service Revenue 16,231 17,269
Rent Revenue 1,423 2,309
Salaries and Wages Expense 7,820 8,530
Rent Expense 1,931 2,930
Depreciation Expense 694
Supplies Expense 775
Utilities Expense 1,512 1,512
Interest Expense 97
$ 53,956 $ 53,956 $ 56,495 $ 56,495
Step 1: Prepare a statement of retained earnings for the 3 months ending September 30, 2015. (List items that increase retained earnings first.)
Step 2: Prepare a balance sheet at September 30. (List assets in order of liquidity.)

Step 3: If the note bears interest at 12%, how many months has it been outstanding?

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