E3-22B Prepare a formal Income statement worksheet 37,591 BERKELEY CO. INCOME STATEMENT For the Period Ended April 30, 2020 Service Revenue Salaries and Wages Expense 15,600 Rent Expense 7,100 Depreciation Expense 1,200 Interest Expense 1,050 Net Income 24950 12461 Prepare a formal balance sheet: BERKELEY CO. BALANCE SHEET April 30, 2020 Assets Liabilities Cash Accounts receivable Prepaid rent Equipment Less Accumulated depreciation $21,000 9,654 1,050 31,704 $12,180 Notes payable 21,316 Accounts payable 3,560 Interest payable 36,510 Total liabilities (12,611) Stockholders' Equity Common Stock Retained Earnings $60,955 Total liabilities and owner's equity 26,610 2,641 $60,955 Total Assets *Beg. Balance + Net Income - Dividends - Ending Balance $2,000 + $12,641 - $12,000 $2,641