Refer to the trial balance that follows for Edden Electrical for the year ended April 30, 2024.

Instructions
Use the trial balance to do the following:

a. Prepare an income statement for the year ended April 30, 2024.

b. Prepare a statement of owner’s equity for the year ended April 30, 2024.

c. Prepare a balance sheet at April 30, 2024.

Taking It Further

N. Edden would like to close the business and retire. He has reviewed the financial statements, and thinks he will be able to take out cash equal to the balance in his capital account. Do you agree? Why or why not?

Transcribed Image Text:

Cash Accounts receivable Supplies Prepaid insurance Equipment Accounts payable Unearned revenue N. Edden, capital N. Edden, drawings Service revenue Insurance expense Salaries expense Supplies expense EDDEN ELECTRICAL Trial Balance April 30, 2024 Debit $ 15,425 13,680 1,150 1,600 48,000 29,500 800 18,000 1,280 $129,435 Credit $ 3,085 8,250 27,500 90,600 $129,435