The preparation of the balance sheet for Whispering Winds Company is as follows:
Whispering Winds Company
<h3>Balance Sheet</h3>
As of April 30, 2022
<h3>Assets:</h3>
Cash $11,000
Accounts Receivable 7,200
Prepaid Rent 2,360
Equipment 22,800
Accumulated Depreciation-Equip. (4,500)
Total assets $38,860
<h3>Liabilities and Equity:</h3>
Notes Payable (due in October 2022) $5,500
Accounts Payable 4,500
Interest Payable 40
Total liabilities $10,040
Common Stock $20,970
Retained Earnings 7,850 $28,820
Total liabilities and equity $38,860
<h3>Income Summary:</h3>
Service Revenue $15,500
Salaries and Wages Expense 10,760
Rent Expense 900
Depreciation Expense 750
Interest Expense 40 $12,450
Net income $3,050
<h3>Retained Earnings Statement:</h3>
Beginning balance $8,500
Net income 3,050
Dividends (3,700)
Ending balance $7,850
<h3>Question Completion:</h3>
Whispering Winds Company
Worksheet (Partial)
For the Month Ended April 30, 2022
Adjusted Trial Balance
Account Titles Dr. Cr.
Cash $11,000
Accounts Receivable 7,200
Prepaid Rent 2,360
Equipment 22,800
Accumulated Depreciation-Equip. $4,500
Notes Payable (due in October 2022) 5,500
Accounts Payable 4,500
Common Stock 20,970
Retained Earnings 8,500
Dividends 3,700
Service Revenue 15,500
Salaries and Wages Expense 10,760
Rent Expense 900
Depreciation Expense 750
Interest Expense 40
Interest Payable 40
Totals $59,510 $59,510
Required: Prepare the balance sheet.
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