In: Accounting
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 | $ |