Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 20Y5:

Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 20Y5:

Bamboo Consulting
End-of-Period Spreadsheet
For the Year Ended July 31, 20Y5
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash 58,600 58,600
Accounts Receivable 106,600 106,600
Supplies 12,400 (a) 7,100 5,300
Office Equipment 521,000 521,000
Accumulated Depreciation 24,000 (b) 5,700 29,700
Accounts Payable 18,000 18,000
Salaries Payable (c) 2,500 2,500
Lisa Gooch, Capital 530,200 530,200
Lisa Gooch, Drawing 26,000 26,000
Fees Earned 349,800 349,800
Salary Expense 186,000 (c) 2,500 188,500
Supplies Expense (a) 7,100 7,100
Depreciation Expense (b) 5,700 5,700
Miscellaneous Expense 11,400 11,400
922,000 922,000 15,300 15,300 930,200 930,200
Based on the preceding spreadsheet, prepare an income statement, statement of owners equity, and balance sheet for Bamboo Consulting. Be sure to read the instructions for each financial statement carefully.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 1 - The Financial Pressure

Authors: Kate Mooney

2nd Edition

0071719237, 9780071719230

More Books

Students also viewed these Accounting questions