Question

Create a balance sheet

The adjusted trial balance columns of the worksheet for Ayayai Company are as follows.

Ayayai Company Worksheet (Partial) For the Month Ended April 30, 2019
		Adjusted Trial Balance
Account Titles		Dr.		Cr.
Cash		11,500
Accounts Receivable		7,620
Prepaid Rent		2,180
Equipment		22,950
Accumulated Depreciation—Equip.				5,000
Notes Payable				5,800
Accounts Payable				4,500
Common Stock				20,500
Retained Earnings				8,550
Dividends		3,500
Service Revenue				15,500
Salaries and Wages Expense		10,800
Rent Expense		700
Depreciation Expense		600
Interest Expense		60
Interest Payable				60
Totals		59,910		59,910

Answer 1

Ans.	AYAYAI COMPANY
	Balance Sheet as on 30 april, 2019
	Assets	AMOUNT	Liabilities and Equity	AMOUNT
	Current assets:		Current liabilities:
	Cash	11500	Notes payables	5800
	Accounts receivables	7620	Accounts payables	4500
	Prepaid rent	2180	Interest payable	60
	Fixed assets:		Equity:
	Net Equipment (22950-5000)	17950	Common stock	20500
			Net loss	-160
			Retained earnings	8550
	Total assets	39250	Total liabilities and equity	39250
	*Net equipment = Equipment - Accumulated depreciation on equipment
	*Calculation of Net income:
	AYAYAI COMPANY
	Income Statement
	For the Year Ended April, 30, 2019
	Particulars		Amount
	Service revenue (a)		15500
	Less: Expenses:
	Salaries & wages expenses	10800
	Rent expenses	700
	Depreciation expenses	600
	Interest expenses	60
	Dividends	3500
	Total expenses (b)		15660
	Net loss (a-b)		-160