Accounts payable 37,000 37,000 Prepaid 5,000 5,000 Wages expense 16,800 14,300 Wages payable 2,500 Rent expense ($8,000 x 1/4) 2,000 Prepaid rent 2,000 Depreciation expense ($35,200- $4,000) x 1/10 x 1/12 260 Accumulated depreciation 260 Interest expense 150 Accrued interest payable ($40,000 - $10,000) x .06 x 1/12) 150 Requirement 2 Trough Company Statement of Comprehensive Income for the month ended 30 April 20x2 Sales $164,400 Cost of goods sold 114,600 Gross profit 49,800 Expenses: $25,000 Wages 16,800 Bad debts 2,000 Rent 2,000 Depreciation 260 150 46,210 Earnings and comprehensive $3,590 Trough Company Statement of Financial Position As at 30 April 20x2 Assets Liabilities Cash $80,000 Accounts payable $85,100 Accounts receivable 106,500 Wages payable 2,500 Inventory 53,400 Notes payable 30,000 Prepaid advertising 5,000 Interest payable 950 Prepaid rent 6,000 118,550
Accounts payable 37,000 37,000 Prepaid 5,000 5,000 Wages expense 16,800 14,300 Wages payable 2,500 Rent expense ($8,000 x 1/4) 2,000 Prepaid rent 2,000 Depreciation expense ($35,200- $4,000) x 1/10 x 1/12 260 Accumulated depreciation 260 Interest expense 150 Accrued interest payable ($40,000 - $10,000) x .06 x 1/12) 150 Requirement 2 Trough Company Statement of Comprehensive Income for the month ended 30 April 20x2 Sales $164,400 Cost of goods sold 114,600 Gross profit 49,800 Expenses: $25,000 Wages 16,800 Bad debts 2,000 Rent 2,000 Depreciation 260 150 46,210 Earnings and comprehensive $3,590 Trough Company Statement of Financial Position As at 30 April 20x2 Assets Liabilities Cash $80,000 Accounts payable $85,100 Accounts receivable 106,500 Wages payable 2,500 Inventory 53,400 Notes payable 30,000 Prepaid advertising 5,000 Interest payable 950 Prepaid rent 6,000 118,550