Question

1. Financial Statements from the End-of-Period Spreadsheet

   Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 2019:

   	Bamboo Consulting
   	End-of-Period Spreadsheet
   	For the Year Ended July 31, 2019
   	Unadjusted						Adjusted
   	Trial Balance		Adjustments				Trial Balance
   Account Title	Dr.	Cr.		Dr.		Cr.	Dr.	Cr.
   Cash	11,580						11,580
   Accounts Receivable	27,570						27,570
   Supplies	2,920				(a)	2,450	470
   Office Equipment	22,060						22,060
   Accumulated Depreciation		3,060			(b)	1,460		4,520
   Accounts Payable		7,440						7,440
   Salaries Payable					(c)	360		360
   Lisa Gooch, Capital		28,120						28,120
   Lisa Gooch, Drawing	3,580						3,580
   Fees Earned		51,980						51,980
   Salary Expense	20,680		(c)	360			21,040
   Supplies Expense			(a)	2,450			2,450
   Depreciation Expense			(b)	1,460			1,460
   Miscellaneous Expense	2,210						2,210
   	90,600	90,600		4,270		4,270	92,420	92,420

   Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting.

   Bamboo Consulting
   Income Statement
   For the Year Ended July 31, 2019
   		$
   Expenses:
   	$
   Total expenses
   		$

   Based on the preceding spreadsheet, prepare a statement of owner's equity for Bamboo Consulting.

   Bamboo Consulting
   Statement of Owner's Equity
   For the Year Ended July 31, 2019
   		$
   	$
   		$

   Based on the preceding spreadsheet, prepare a balance sheet for Bamboo Consulting.

   Bamboo Consulting
   Balance Sheet
   July 31, 2019
   Assets
   Current assets:
   	$
   Total current assets		$
   Property, plant, and equipment:
   	$
   Total property, plant, and equipment
   Total assets		$
   Liabilities
   Current liabilities:
   	$
   Total liabilities		$
   Owner's Equity
   Total liabilities and owner's equity		$

Answer 1