Question

1. 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	16,930				16,930
   Accounts Receivable	40,310				40,310
   Supplies	4,270			3,590	680
   Office Equipment	32,650				32,650
   Accumulated Depreciation		4,470		2,140		6,610
   Accounts Payable		10,880				10,880
   Salaries Payable				520		520
   Common Stock		13,000				13,000
   Retained Earnings		28,120				28,120
   Dividends	5,240				5,240
   Fees Earned		75,980				75,980
   Salary Expense	29,830		520		30,350
   Supplies Expense			3,590		3,590
   Depreciation Expense			2,140		2,140
   Miscellaneous Expense	3,220				3,220
   	132,450	132,450	6,250	6,250	135,110	135,110

   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
Revenue
Fees Earned	$           75,980
Total Revenue		$           75,980
Expenses
Salary expense	$           30,350
Supplies Expense	$             3,590
Depreciation Expense	$             2,140
Misc Expense	$             3,220
Total Expenses		$           39,300
Net Income		$           36,680

Statement of Stockholder's Equity
	Common Stock	Retained Earnings	Total
Beginning Balance	$           13,000	$           28,120	$          41,120
Add Net Income		$           36,680	$          36,680
	$           13,000	$           64,800	$          77,800
Less Dividends		$            (5,240)	$          (5,240)
Ending Balance	$           13,000	$           59,560	$         72,560

Balance Sheet
Assets
Current Assets
Cash	$           16,930
Accounts Receivable	$           40,310
Supplies	$                 680
Total Current Assets		$           57,920
Property, Plant and Equipment
Office Equipment	$           32,650
Less : Accumulated Depreciation	$            (6,610)
Total Property, Plant and Equipment		$           26,040
Total Assets		$           83,960
Liabilities & Stockholder's Equity
Current Liabilities
Accounts Payable	$           10,880
Salaries Payable	$                 520
Total Current Liabilities		$           11,400
Stockholder's Equity
Common Stock	$           13,000
Retained Earnings	$           59,560
Total Stockholder's Equity		$           72,560
Total Liabilities & Stockholder's Equity		$           83,960