A review of the ledger of Smallville Company at April 30, 2020, produces the following data pertaining to the preparation of monthly adjusting entries.

(a) Notes Payable $25400. This balance consists of a note for 6 months at an annual interest rate of 15%, dated January 1, 2020.

(b) There are five workers in Smallville Company who are paid wages weekly. The five workers are paid $800 each for a 5-day work week (Monday to Friday). April 30 is a Tuesday and workers are paid on Fridays.

(c) Annual depreciation is $12100 on equipment.

(d) Physical check reveals inventory actually on hand on April 30, 2020 is $57069.4.

(6) Using the balances from the adjusted trial balance, prepare a multi-step income statement and owners equity statement for the one month ended April 30. (Assume

that the company falls under 40% tax bracket).

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Smallville Company Income Statement Smallville Company Statement of Stockholders' Equity