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		$