Question

The general ledger of Jay Consulting shows the following balances at July 31

Cash $4,440

Accounts Receivable 5,780

Prepaid Rent 1,200

Accounts Payable 2,850

Salaries Payable 475

Jay Blue, Capital 7,486

Jay Blue, Drawing 2,000

Consulting Fees 6,920

Rent Expense 600

Salary Expense 2,600

Supplies Expense 755

Utilities Expense 196

Miscellaneous Expense 160

The general ledger of Jay Consulting shows the following balances at August 31

Cash $7,527

Accounts Receivable 4,287

Prepaid Rent 600

Accounts Payable 1,495

Salaries Payable 400

Jay Blue, Capital 8,095

Jay Blue, Drawing 1,800

Consulting Fees 8,820

Rent Expense 600

Salary Expense 2,800

Supplies Expense 950

Utilities Expense 221

Miscellaneous Expense 25

Make a template start with a Trial Balance

The template should be connected to the financial statements: Income Statement, Statement of Owner's Equity, Balance Sheet

Requirements:  Two sets of Financial July 31 and Aug 31

1) Answer question: How is the Company doing? (size of company, possible industry)

2) Complete a Comparative analysis for July and August

3) Create two chart

a) Pie chart showing the percentage of each assets to total assets

b) Second chart may not be a Pie chart. The chart can be of your choosing but the chart must support question "How is the company doing?"

Thank you a lot in advance. Hope you guys can help me. Wish you guys all the best

Answer 1

Trial Balance

as on August, 31

as on July, 31

Particulars	Debit (in $)	Credit (in $)	Debit (in $)	Credit (in $)
Cash	7,527	-	4,440	-
Accounts Receivable	4,287	-	5,780	-
Prepaid Rent	600	-	1,200	-
Accounts Payable	-	1,495	-	2,850
Salaries Payable	-	400	-	475
Jay Blue Capital	-	8,095	-	7,486
Jay Blue Drawings	1,800	-	2,000	-
Consulting Fees	-	8,820	-	6,920
Rent Expense	600	-	600	-
Salary Expense	2,800	-	2,600	-
Supplies Expense	950	-	755	-
Utilities Expense	221	-	196	-
Miscellaneous Expense	25	-	160	-
Total	18,810	18,810	17,731	17,731

Financial Statements
Income Statement	For period ending 31 August	For period ending 31 July	Absolute Change	Change in %
INCOME
Revenue
Consulting Revenue	8,820	6,920	1,900	27%
Other Income	-	-	-
			-
Total Revenue	8,820	6,920	1,900	27%
			-
EXPENSES			-
Rent Expense	600	600	-	0%
Salary Expense	2,800	2,600	200	8%
Supplies Expense	950	755	195	26%
Utilities Expense	221	196	25	13%
Miscellaneous Expense	25	160	(135)	-84%
			-
Total Expenses	4,596	4,311	285	7%
			-
Profit ( Excess of Revenue over Expenses)	4,224	2,609	1,615	62%

Statement of Owners Equity	For period ending 31 August	For period ending 31 July
Opening Capital	8,095	7,486
Add -
Profit credited during period ( as per Income statement)	4,224	2,609
Less -
Drawings during period	1,800	2,000
Closing Capital	10,519	8,095
Balance Sheet	As on August, 31	As on July 31
ASSETS
Current Assets
Accounts Receivable	4,287	5,780
Prepaid Expenses	600	1,200
Cash	7,527	4,440
Total	12,414	11,420
EQUITY AND LIABILITIES
Owners Capital	10,519	8,095
Current Liabilities
Accounts Payable	1,495	2,850
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