Question

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, 2016: Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 25,200 25,200 Accounts Receivable 52,000 52,000 Supplies 3,200 (a) 2,300 900 Office Equipment 34,000 34,000 Accumulated Depreciation 5,000 (b) 1,000 6,000 Accounts Payable 3,700 3,700 Salaries Payable (c) 330 330 Common Stock 30,000 30,000 Retained Earnings 53,200 53,200 Dividends 2,000 2,000 Fees Earned 58,000 58,000 Salary Expense 31,500 (c) 330 31,830 Supplies Expense (a) 2,300 2,300 Depreciation Expense (b) 1,000 1,000 Miscellaneous Expense 2,000 2,000 149,900 149,900 3,630 3,630 151,230 151,230 Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Elliptical Consulting. Be sure to read the instructions for each financial statement carefully.

Answer 1