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Comprehensive Problem 1 Part 8: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to

  1. Comprehensive Problem 1 Part 8:

    The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.

    NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional.

    Prepare an income statement.

    Kelly Consulting Income Statement For the Month Ended May 31, 20Y8
    • Fees earned
    • Insurance expense
    • Rent expense
    • Salary expense
    • Utilities expense
    $
    Expenses:
    • Cash
    • Fees earned
    • Salary expense
    • Salaries payable
    • Utilities expense
    $
    • Cash
    • Office equipment
    • Prepaid rent
    • Rent expense
    • Utilities expense
    • Accounts receivable
    • Fees earned
    • Supplies
    • Supplies expense
    • Utilities expense
    • Accounts payable
    • Accumulated depreciation
    • Depreciation expense
    • Utilities expense
    • Unearned fees
    • Cash
    • Fees earned
    • Insurance expense
    • Prepaid insurance
    • Utilities expense
    • Accounts payable
    • Accounts receivable
    • Income summary
    • Miscellaneous expense
    • Utilities expense
    • Common stock
    • Fees earned
    • Retained earnings
    • Total expenses
    • Utilities expense
    • Kelly Pitney, drawing
    • Income summary
    • Net income
    • Net loss
    • Utilities expense
    $

    Prepare a statement of stockholders equity. 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.

    Kelly Consulting Statement of Stockholders Equity For the Month Ended May 31, 20Y8
    Common Stock Retained Earnings Total
    • Balances, May 1, 20Y8
    • Balances, May 31, 20Y8
    • Dividends
    • Net income
    • Net loss
    $ $ $
    • Balances, May 1, 20Y8
    • Balances, May 31, 20Y8
    • Change in retained earnings
    • Net income
    • Net loss
    • Balances, May 1, 20Y8
    • Balances, May 31, 20Y8
    • Dividends
    • Net income
    • Net loss
    • Balances, May 1, 20Y8
    • Balances, May 31, 20Y8
    • Dividends
    • Net income
    • Net loss
    $ $ $

    Prepare a balance sheet.

    Kelly Consulting Balance Sheet May 31, 20Y8
    Assets Liabilities
    Current assets: Current liabilities:
    • Cash
    • Fees earned
    • Office equipment
    • Kelly Pitney, capital
    • Unearned fees
    $
    • Accounts payable
    • Accounts receivable
    • Cash
    • Common stock
    • Retained earnings
    $
    • Accounts payable
    • Accounts receivable
    • Fees earned
    • Salaries payable
    • Unearned fees
    • Accounts receivable
    • Prepaid insurance
    • Prepaid rent
    • Salaries payable
    • Salary expense
    • Accounts payable
    • Fees earned
    • Supplies
    • Supplies expense
    • Unearned fees
    • Accounts receivable
    • Common stock
    • Fees earned
    • Retained earnings
    • Unearned fees
    • Accounts payable
    • Miscellaneous expense
    • Office equipment
    • Prepaid rent
    • Rent expense
    • Cash
    • Insurance expense
    • Prepaid insurance
    • Salaries payable
    • Supplies expense
    Total liabilities $
    Total current assets $
    Property, plant, and equipment: Stockholders Equity
    • Accounts payable
    • Fees earned
    • Office equipment
    • Prepaid insurance
    • Rent expense
    $
    • Accounts payable
    • Common stock
    • Office equipment
    • Prepaid insurance
    • Rent expense
    $
    • Accounts payable
    • Accumulated depreciation
    • Depreciation expense
    • Office equipment
    • Unearned fees
    • Accounts receivable
    • Fees earned
    • Office equipment
    • Retained earnings
    • Salaries payable
    Total property, plant, and equipment Total stockholders equity
    Total assets $ Total liabilities and stockholders equity $

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