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Question 2 The adjusted trial balance columns of the worksheet for Indigo Company are as follows....

Question 2

The adjusted trial balance columns of the worksheet for Indigo Company are as follows. No ordinary shares were issued during April.

INDIGO COMPANY
Worksheet (partial)
For the Month Ended April 30, 2017

Adjusted Trial Balance

Account Titles

Dr.

Cr.
Cash 7,099
Accounts Receivable 7,241
Prepaid Rent 2,491
Equipment 22,834
Accumulated Depreciation—Equip. 4,680
Notes Payable 5,613
Accounts Payable 5,569
Share Capital—Ordinary 21,320
Retained Earnings 4,887
Dividends 3,439
Service Revenue 12,434
Salaries and Wages Expense 9,933
Rent Expense 829
Depreciation Expense 637
Interest Expense 54
Interest Payable 54
Totals 54,557 54,557

Prepare an income statement.

Prepare a retained earnings statement. (List items that increase retained earnings first.)

Prepare a classified statement of financial position. (List current assets in the reverse order of liquidity.)

Solutions

Expert Solution

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.

ekkarill92 answered 1 year ago
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