This exercise illustrates the function of a worksheet.

Carl”s Video Service, Inc. has a fiscal year ending on April 30. The following information is available at the end of the corporation”s first year of operations:

  1. Parts and supplies on hand at April 30, 2014, amount to $1,600.
  2. Wages incurred but not paid at April 30, 2014, amount to $320.
  3. The $540 balance in the Prepaid Insurance account represents a payment for 12 months that began on August 1, 2013.
  4. The note payable bears interest of 6% per year and was issued on December 1, 2013.
  5. The estimated amount of utilities consumed but unpaid as of year end amounts to $400.
  6. Depreciation on equipment for the year amounts to $3,000.


Complete the worksheet for Carl”s Video Service, Inc. for the year ended April 30, 2014. The trial balance has already been put on the worksheet for you.