Question

Financial Statements from the End-of-Period Spreadsheet

Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:

	Elliptical Consulting
	End-of-Period Spreadsheet
	For the Year Ended June 30, 2019
	Unadjusted						Adjusted
	Trial Balance		Adjustments				Trial Balance
Account Title	Dr.	Cr.		Dr.		Cr.	Dr.	Cr.
Cash	16,870						16,870
Accounts Receivable	40,170						40,170
Supplies	4,260				(a)	3,580	680
Office Equipment	32,940						32,940
Accumulated Depreciation		4,460			(b)	2,130		6,590
Accounts Payable		10,850						10,850
Salaries Payable					(c)	520		520
Jayson Neese, Capital		40,970						40,970
Jayson Neese, Drawing	5,220						5,220
Fees Earned		76,920						76,920
Salaries Expense	30,530		(c)	520			31,050
Supplies Expense			(a)	3,580			3,580
Depreciation Expense			(b)	2,130			2,130
Miscellaneous Expense	3,210						3,210
	133,200	133,200		6,230		6,230	135,850	135,850

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

Elliptical Consulting
Income Statement
For the Year Ended June 30, 2019
Fees earned		$
Expenses:
Salaries expense	$
Supplies expense
Depreciation expense
Miscellaneous expense
Total expenses
Net income		$

Feedback

Revenue and expense accounts flow into the income statement. Recall that revenues include fees earned for goods and services.

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

Elliptical Consulting
Statement of Owner's Equity
For the Year Ended June 30, 2019
Jayson Neese, Capital, July 1, 2018		$
Net income	$
Withdrawals
Increase in owner's equity
Jayson Neese, Capital, June 30, 2019		$

Feedback

The first item normally on the statement of owner's equity is the beginning balance of the owner's capital account. Add to this balance any owner investments and net income, and deduct any net losses and withdrawals.

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

Elliptical Consulting
Balance Sheet
June 30, 2019
Assets
Current assets:
Cash	$
Accounts receivable
Supplies
Total current assets		$
Property, plant, and equipment:
Office equipment	$
Less accumulated depreciation
Total property, plant, and equipment
Total assets		$
Liabilities
Current liabilities:
Accounts payable	$
Salaries payable
Total liabilities		$
Owner's Equity
Jayson Neese, Capital
Total liabilities and owner's equity		$

Answer 1

	Elliptical Consulting
	Adjusted Trial Balance
	For the Month EndedJJune 30th, 2019
	Account Title & Explaination	Amt (Dr)	Amt (Cr)
	Cash	$         16,870.00
	Accounts Receivable	$         40,170.00
	Office Supplies	$               680.00
	Office Equipment	$         32,940.00
	Accumulated Depreciation		$                                            6,590.00
	Accounts Payable		$                                          10,850.00
	Salary Payable		$                                                520.00
	Jayson Neese's Capital		$                                          40,970.00
	Jayson Neese's Drawings	$           5,220.00
	Fees Earned		$                                          76,920.00
	Salaries Expense	$         31,050.00
	Supplies Expense	$           3,580.00
	Depreciation Expense	$           2,130.00
	Miscellaneous Expense	$           3,210.00
	Total	$     1,35,850.00	$                                      1,35,850.00
	Elliptical Consulting		-
	Income Statement
	For the Year Ended June 30th,2019
	Fees Earned=(A)		$                                          76,920.00
	Expenses
	Salaries Expense	$         31,050.00
	Supplies Expense	$           3,580.00
	Depreciation Expense	$           2,130.00
	Miscellaneous Expense	$           3,210.00
	Total Expenses=(B)		$                                          39,970.00
	Net Income(A)-(B)		$                                          36,950.00
	Elliptical Consulting
	Statement of Owner's Equity
	For the Year Ended June 30th,2019
	Jayson Neese's Capital July1,2018	$         40,970.00
	Add: Net Income	$         36,950.00
	Less: Drawings	$           5,220.00
	Add: Net Income	$         72,700.00
	Elliptical Consulting
	Balance Sheet
	June 30th,2019
	Assets
	Current Assets
	Cash	$         16,870.00
	Accounts Receivable	$         40,170.00
	Supplies	$               680.00
	Total Current Assets		$                                          57,720.00
	Office Equipment	$         32,940.00
	Less: Accumulated Depreciation	$         (6,590.00)
	Total of Property Plant and Equipment		$                                          26,350.00
	Total Assets		$                                          84,070.00
	Liabilities & Stockholder's equity
	Liabilities
	Current Liabilities
	Accounts Payable	$         10,850.00
	Salaries Payable	$               520.00
	Total Liabilities		$                                          11,370.00
	Owner's Equity
	Jayson Neese, Capital		$                                          72,700.00
	Total Liabilities & Stockholder's Equity		$                                          84,070.00