Question

Exercise 4-3 The adjusted trial balance columns of the worksheet for DeSousa Company a DeSousa Company Worksheet (Partial) For the Month Ended April 30, 2019 Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,000 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accumulated Depreciation-Equip. 4,921 Notes Payable 5,700 Accounts Payable 4,920 Common Stock 20,000 Retained Earnings 7,960 Dividends 3,650 Service Revenue 15,590 Salaries and Wages Expense 10,840 Rent Expense 760 Depreciation Expense 671 Interest Expense 57 Interest Payable 57 Totals 59,148 59,148

Answer 1

20,120 DeSousa Company Balance Sheet April. 30,2019 Assets Current assets Cash $ 10,000 Accounts Receivables 7,840 Prepaid Rent 2,280 Total Current Assets $ Property, Plant and Equipment Equipment 23,050 Less: Accumulated Depreciation - Equipment 4,921 $ Total assets S Liabilities and Stockholders' Equity Liabilities Accounts Payable 4,920 Interest payable 57 Notes payable 5,700 Total Liabilities $ Stockholders' Equity Common stock 20,000 Retained Earnings 7,572 Total stockholders' Equity S Total Liabilities and Stockholders' Equity $ 18,129 38,249 10,677 27,572 38,249

$ 15,590 Working Notes : DeSousa Company Income statement For the year Ending April 30,2019. Revenue Service Revenue $ 15,590 Total revenue Expenses : Salaries and wages Expense $ 10,840 Rent Expense $ 760 Depreciation Expense 671 Interest Expense 57 Total Expenses Net Income $ S 12,328 3,262 DeSousa Company Statement of Retained earnings For the year Ending April 30,2019. Retained Earnings Beginning balance Add: Net Income During the year $ $ $ $ S 7,960 3,262 11,222 3,650 7,572 Less:Dividends Retained Earnings Ending balance