I don't know how to calculate prepaid rent, accrued electricity and retained profit, could you please explain me in details, thanks in advance

5.7.1 Samp .h these questions in Chapters balance and the notes You will usually be asku statements in the examination, froll This may involve dealing with any or all or all of the chapter. We will see how best to approach and 8 of this subject guide but use this simple trial balance ar underneath to produce the two financial statements. ctions, at 31 December 5.1 Company A The Trial Balance of Company A, after all transactions, at 31 20x4 is as follows: Dr $ 1,400 9,800 Bank 200 Receivables Provision for bad debts at 1.1.X4 Payables Share capital Share premium Retained profits 4,250 500 1,500 1,000 Electricity 2,900 4,500 10,600 Rent 109,000 Wages Sales Purchases Inventory at 1.1.X4 General expenses Prepaid rent at 1.1.X4 Accrued electricity at 1.1.X4 55,700 20,650 10,900 800 800 117,250 117,250 Chapter 5 Accounting adjustments 1 Additional information 1. Inventory at 31.12.X4 has a selling price of $27.900 and has been marked up at 50 per cent. However, items costing $500 are damaged and will be sold for $100. 2. Rents paid for the y/e 31.3.X5 were $4.000. 3. Electricity has been paid to 30.11.X4. Electricity for the quarter to 28.2.X5 is expected to be $ 1.200. 4. A receivable of 300 is to be written off. 5. The provision for bad debts is to be 2 per cent of receivables. Required Prepare a Statement of Financial Position at 31.12.X4 and an Income Statement for the year ended on that date