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:

	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	17,460				17,460
Accounts Receivable	41,570				41,570
Supplies	4,410			3,700	710
Office Equipment	33,260				33,260
Accumulated Depreciation		4,610		2,200		6,810
Accounts Payable		11,220				11,220
Salaries Payable				540		540
Common Stock		14,000				14,000
Retained Earnings		28,400				28,400
Dividends	5,400				5,400
Fees Earned		77,960				77,960
Salary Expense	30,760		540		31,300
Supplies Expense			3,700		3,700
Depreciation Expense			2,200		2,200
Miscellaneous Expense	3,330				3,330
	136,190	136,190	6,440	6,440	138,930	138,930

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 a statement of stockholders’ equity for Triton Consulting. During the year ended April 30, 20Y3, common stock of $5,000 was issued. If an amount box does not require an entry, leave it blank. 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

Income Statement - Triton Consulting
Fees Earned		$77,960
Less: Expenses
Salary Expense	$31,300
Supplies Expense	$3,700
Depreciation Expense	$2,200
Miscellaneous Expense	$3,330
Total Expenses		$40,530
Net Income		$37,430

Statement of Stockholders’ Equity
	Common Stock	Retained Earning	Total
Beg Balance	$9,000	$28,400	$37,400
Add: Issued Common Stock	$5,000
Add: Net Income		$37,430	$37,430
Less: Dividends		($5,400)	($5,400)
Ending Balance	$14,000	$60,430	$69,430

Balance Sheet
Assets
Current Assets:
Cash		$17,460
Accounts Receivable		$41,570
Supplies		$710
Total Current Assets			$59,740
Property, Plant, And Equipment:
Office Equipment	$33,260
Accumulated Depreciation	($6,810)
Office Equipment, Net		$26,450
Total Property, Plant, And Equipment			$26,450
Total Assets			$86,190
Liabilities
Current Liabilities:
Accounts Payable		$11,220
Salaries Payable		$540
Total Liabilities			$11,760
Stockholders' Equity
Common Stock		$14,000
Retained Earnings		$60,430
Total Stockholders' Equity			$74,430
Total Liabilities And Stockholders' Equity			$86,190