Question

Financial Statements from the End-of-Period Spreadsheet

Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3:

During the year ended April 30, 20Y3, common stock of $5,000 was issued.

	Triton Consulting
	End-of-Period Spreadsheet
	For the Year Ended April 30, 20Y3
	Unadjusted						Adjusted
	Trial Balance		Adjustments				Trial Balance
Account Title	Dr.	Cr.		Dr.		Cr.	Dr.	Cr.
Cash	21,500						21,500
Accounts Receivable	51,150						51,150
Supplies	2,400					1,650	750
Office Equipment	32,000						32,000
Accumulated Depreciation		4,500				900		5,400
Accounts Payable		3,350						3,350
Salaries Payable						2,000		2,000
Common Stock		20,000						20,000
Retained Earnings		52,200						52,200
Dividends	10,000						10,000
Fees Earned		279,000						279,000
Salary Expense	240,000			2,000			242,000
Supplies Expense				1,650			1,650
Depreciation Expense				900			900
Miscellaneous Expense	2,000						2,000
	359,050	359,050		4,550		4,550	361,950	361,950

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

Triton Consulting
Income Statement
For the Year Ended April 30, 20Y3
		$
Expenses:
	$
Total expenses
		$

Based on the preceding spreadsheet, prepare statement of stockholders’ equity for Triton Consulting. If no entry is required, leave the amount box blank or "0". If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.

Triton Consulting
Statement of Stockholders’ Equity
For the Year Ended April 30, 20Y3
	Common Stock	Retained Earnings	Total
	$	$	$
	$	$	$

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

Triton Consulting
Balance Sheet
April 30, 20Y3
Assets
Current assets:
	$
Total current assets		$
Property, plant, and equipment:
	$
Total property, plant, and equipment
Total assets		$
Liabilities
Current liabilities:
	$
Total liabilities		$
Stockholders' Equity
	$
Total stockholders' equity
Total liabilities and stockholders' equity		$

Answer 1