ATLAS Company was organized on January 1, 2020. It is authorized to issue 110000 shares of $120 par value common stock. At the beginning of April, the ledger of ATLAS Company carried the following balances to their respective accounts. Cash-$60000, Merchandise Inventory- $75400, Prepaid Insurance-$5100, 10% Notes Payable-$25700, Equipment-$142000, Accumulated Depreciation: Equipment-$3100, Common Stock-$120000, Paid in capital in excess of par value: Common Stock-$23000, and Retained Earnings-$110700. The following transactions took place in ATLAS Company during April of the current year (2020). April 1 - Issued 2600 new shares of common stock for $335000 April 3 - Purchased merchandise of $7800 on account from Prescott Co., terms FOB destination, 2/10, n/30. The appropriate party paid the freight charge of $300. April 4 - Sold merchandise for cash, $89500. The cost of the merchandise sold was $49000. April 5 - Purchased merchandise on account from Stafford Co., $23000, terms FOB shipping point, 2/10, n/30. The appropriate paid the freight charge of $600. April 6 - Returned $580 of merchandise purchased on April 3 from Prescott Co. April 13 - Paid Prescott Co. on account for purchase of April 3. April 15 - Paid Stafford Co. on account for purchase of April 5. April 17 - Purchased merchandise for cash $1700. April 20 - Received refund for poor quality merchandise from supplier on cash purchase $150.

Additional Information on ATLAS Company: A review of the ledger of ATLAS Company at April 30, 2020, produces the following data pertaining to the preparation of monthly adjusting entries. # Notes Payable $25700. This balance consists of a note for 6 months at an annual interest rate of 14%, dated January 1, 2020. # There are five workers in ATLAS Company who are paid wages weekly. The five workers are paid $860 each for a 5-day work week (Monday to Friday). April 30 is a Tuesday and workers are paid on Fridays. # Annual depreciation is $14000 on equipment. # Physical check reveals inventory actually on hand on April 30, 2020 is $55665.6. _____________ (1) Post the April journal entries to the ledger. (Remember, the ledger accounts should start with the beginning balances (if any) (2) Prepare a trial balance on April 30, 2020. (3) Journalise the adjusting entries at April 30, 2020. (4) Prepare an adjusted trial balance. (5) 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 20% tax bracket.)

Journal entry has been done

Please give the answer of Rest of the questions. Using the template given below,

Please, also give the explanation and Entry of this Ledger above.

Please give an explanation (Including step by steps) for those 2 adjusting entries and those 2 statements (Income statement & Statement of Stockholders' equity). For, understanding the calculation properly.

Ref Dr Cr ATLAS Company Book of Journals Date Particulars/Account titles April 01 Cash Common Stock Paid in capital in excess of par value: Common Stock 335,000 240,000 95,000 7,500 April 03 Merchandise Inventory Accounts Payable 7,500 85,700 85,700 48,000 April 04 Cash Sales Revenue Cost of goods sold Merchandise Inventory April 05 Merchandise Inventory Accounts Payable Cash 48,000 21,630 21,000 630 550 April 06 Accounts Payable Merchandise Inventory 550 6,950 April 13 Accounts Payable Merchandise Inventory Cash 139 6,811 21,000 April 15 Accounts Payable Merchandise Inventory Cash 420 20,580 April 17 Merchandise Inventory Cash 1,500 1,500 190 April 20 Cash Merchandise Inventory 190 Total 528,020 528,020 ATLAS Company Ledger Cash Ref.Dr Cr Common Stock Explana Ref. Dr Cr Date Balance Balance is Dr/Cr? Date Explanation Balance ($) Balance is Dr/Cr? Paid in capital in excess of par-Common Stock Date Explana Ref. Dr Cr Balance Balance is Dr/Cr? Retained Earnings Explana Ref. Dr Cr Date Balance Balance is Dr/Cr? Merchandise Inventory Ref. Dr Cr Date Explanation Balance (S) Balance is Dr/Cr? Accounts Payable Explana Ref. Dr Cr Date Balance Balance is Dr/Cr? Sales Revenue Explana Ref. Dr Cr Date Balance Balance is Dr/Cr? Prepaid Insurance Ref. Dr Cr Date Explanation Balance ($) Balance is Dr/Cr? 10% Notes Payable Ref. Dr Cr Date Cost of Goods Sold Explana Ref. Dr Cr Explanation Balances Balance is Dr/Cr? Date Balance Balance is Dr/Cr? Equipment Ref. Dr Cr Date Explanation Balance (s Balance is Dr/Cr? Accumulated Depreciation Equipment Ref. Dr Cr Balance (5) Balance is Dr/Cr? Date Explanation ATLAS Company Trial Balance Serial No Account Titles Dr Cr Total ATLAS Company Adjusting Entries Particulars/Account titles Date Serial Ref Dr Cr 1 2 3 4 Total ATLAS Company Adjusted Trial Balance Serial No Account Titles Dr Cr Total ATLAS Company Income Statement ATLAS Company Statement of Stockholders' Equity