On May 1 last year, Juan Thornhill decided to turn his small business bookkeeping experience and start a training company for those looking to get office work, Thornhill Office Training. On April 30 this year, the company’s general ledger showed the following balances. Use this information to prepare financial statement for the business.
Accounts payable 9,900 

Computer equipment 19,700
Accounts receivable 47,000 

Prepaid rent 4,500
Rent expense 16,500
Juan Thornhill, capital July 31, 2016*, 

opening balance 79,800 

Bookkeeper training revenue 3,500
Juan Thornhill, withdrawals 48,500 

Payroll training revenue 138,500
Cash 6,100 

Supplies 2,900

Furniture 13,700 

Supplies expense 16,400

Interest expense 2,600 

Utilities expense 10,300
Notes payable 25,000 

Wages expense 68,500

Answer rating: 100% (QA)

Income Statement For the period ended April 30 2017 Revenues Bookkeeper Training Revenue3500 Payroll Training Revenue138500 Total Revenue142000 Expenses Rent Expense16500 Supplies Expense16400 Wages E... View the full answer