Question

The adjusted trial balance columns of the worksheet for Monty Company are as follows. Monty Company Worksheet (Partial) For the Month Ended April 30, 2022 Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,000 Accounts Receivable 7,980 Prepaid Rent 60 Equipment 22,800 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,800 Accounts Payable 5,000 Common Stock 20,310 Retained Earnings 7,150 Dividends 3,750 Service Revenue 16,000 Salaries and Wages Expense 10,520 Rent Expense 900 Depreciation Expense 650 Interest Expense 90 Interest Payable 90 Totals 58,850 58,850

Answer 1

с $ 16,000 A B 1 Income Statement 2 For the Month Ended April 30, 2022 3 Revenue 4 Service revenue 5 Expenses: 6 Salaries and wages expense $ 10,520 7 Rent expense $ 900 8 Depreciation expense $ 650 9 Interest expense $ 90 10 Total expenses 11 Net income 12 13 Statement of Retained Earnings 14 For the Month Ended April 30, 2022 15 Beginning balance of retained earnings $ 7,150 16 Add: Net Income $ 3,840 17 $ 10,990 18 Less: Dividends $ 3,750 19 Ending balance of retained earnings $ 7,240 $ 12,160 $ 3,840

20 21 Monty Company 22 Balance Sheet 23 April 30, 2022 24 Assets 25 Current Assets: 26 Cash $ 10,000 27 Accounts Receivable $ 7,980 28 Prepaid rent $ 2,160 29 Total Current assets $ 20,140 30 Property, Plant and Equipment 31 Equipment $ 22,800 32 Less: Accumulated Depreciation - Equipment $ 4,500 $ 18,300 33 Total Assets $ 38,440 34 Liabilities and Stockholders' Equity 35 Current Liabilities: 36 Notes payable 5800 37 Accounts Payable 5000 38 Interest Payable 90 39 Total Current Liabilities $ 10,890 40 Stockholders' equity: 41 Common stock 20310 42 Retained earnings $ 7,240 43 Total stockholders' equity $ 27,550 44 Total Liabilities and Stockholders' Equity $ 38,440

A B C 1 2 Income Statement For the Month Ended April 30, 2022 3 Revenue 4 Service revenue 16000 5 Expenses: 6 Salaries and wages expense 10520 7 Rent expense 900 8 Depreciation expense 650 9 Interest expense 90 10 Total expenses =SUM(B6:39) 11 Net income =+C4-C10 12 13 Statement of Retained Earnings 14 For the Month Ended April 30, 2022 15 Beginning balance of retained earnings 7150 16 Add: Net Income =+C11 17 =+B15+B16 18 Less: Dividends 3750 19 Ending balance of retained earnings =+B17-B18

20 =+B26+B27+B28 =+B31-B32 21 Monty Company 22 Balance Sheet 23 April 30, 2022 24 Assets 25 Current Assets: 26 Cash 10000 27 Accounts Receivable 7980 28 Prepaid rent 2160 29 Total Current assets 30 Property, Plant and Equipment 31 Equipment 22800 32 Less: Accumulated Depreciation -Equipment 4500 33 Total Assets 34 Liabilities and Stockholders' Equity 35 Current Liabilities: 36 Notes payable 5800 37 Accounts Payable 5000 38 Interest Payable 90 39 Total Current Liabilities 40 Stockholders' equity: 41 Common stock 20310 42 Retained earnings =+B19 43 Total stockholders' equity 44 Total Liabilities and Stockholders' Equity =+C29+C32 =+B36+B37+B38 =+B41+B42 =+C39+C43