Question
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
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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 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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