In: Accounting
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 | $ |
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