Question

1 N 4 5 6 Statement of Financial Position Dr. Cr. 7 8 Madrasah SE Worksheet (PARTIAL) For the Month Ended April 30, 2019 Adjusted Income Trial Balance Statement Account Titles Dr. Cr. Dr. Cr. Cash 18,972 9 Accounts Receivable 6,920 10 Prepaid Rent 2,280 11 Equipment 18,050 12 Accumulated Depreciation-Equipment 4,895 13 Notes Payable 5,700 14 Accounts Payable 15 Share Capital-Ordinary 33,960 16 Retained Earnings, April 1, 2019 1,000 17 Dividends 6,650 18 Service Revenue 12,590 19 Salaries and Wages Expense 6,840 20 Rent Expense 2,760 21 Depreciation Expense 145 22 Interest Expense 83 23 Interest Payable 83 4,472

Prepare a classified statement of financial position.

Answer 1

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Madrasah
Income statement
Particulars	Amount $
Service Revenue	12,590.00
Total Revenue	12,590.00
Less: Expenses
Depreciation Expense	145.00
Salaries and Wages Expense	6,840.00
Rent Expense	2,760.00
Interest Expense	83.00
Operating Expense	9,828.00
Net Income	2,762.00
Statement of Retained Earnings	Amount $
Retained Earnings- Opening Balance	1,000.00
Add: Net Income	2,762.00
Less: Dividend	6,650.00
Retained Earnings- Closing balance	(2,888.00)
Balance Sheet	Amount $	Amount $
Assets
Current Assets
Cash	18,972.00
Accounts Receivable	6,920.00
Prepaid Rent	2,280.00
Total Current Assets		28,172.00
Plant Property & Equipment
Equipment	18,050.00
Less: Accumulated depreciation	(4,895.00)
Plant Property & Equipment		13,155.00
Total Assets		41,327.00
Liabilities & Stockholder's equity	Amount $	Amount $
Liabilities
Current Liabilities
Accounts Payable	4,472.00
Interest Payable	83.00
Total Current Liabilities		4,555.00
Non Current Liabilities
Notes Payable	5,700.00
Non Current Liabilities		5,700.00
Total Liabilities		10,255.00
Stockholder's Equity
Share Capital	33,960.00
Retained Earnings	(2,888.00)
Total Stockholder's equity		31,072.00
Total Liabilities & Stockholder's equity		41,327.00