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Financial Statements from the End$-$of$-$Period Spreadsheet

Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end$-$of$-$period spreadsheet was prepared for the year ended April $30,20$Y$3$:

During the year ended April $30,20$Y$3,$ common stock of $$5,000$ was issued.

Triton Consulting

End$-$of$-$Period Spreadsheet

For the Year Ended April $30,20$Y$3$

Account Title Unadjusted

Trial Balance

Dr$.$ Unadjusted

Trial Balance

Cr$.$ Adjustments

Dr$.$ Adjustments

Cr$.$ Adjusted

Trial Balance

Dr$.$ Adjusted

Trial Balance

Cr$.$

Cash $21,50021,500$

Accounts Receivable $51,15051,150$

Supplies $2,4001,650750$

Office Equipment $32,00032,000$

Accumulated Depreciation $4,5009005,400$

Accounts Payable $3,3503,350$

Salaries Payable $2,0002,000$

Common Stock $20,00020,000$

Retained Earnings $52,20052,200$

Dividends $10,00010,000$

Fees Earned $279,000279,000$

Salary Expense $240,0002,000242,000$

Supplies Expense $1,6501,650$

Depreciation Expense $900900$

Miscellaneous Expense $2,0002,000$

Total $359,050359,0504,5504,550361,950361,950$

Question Content Area

Based on the preceding spreadsheet, prepare an income statement for Triton Consulting.

Triton Consulting

Income Statement

For the Year Ended April $30,20$Y$3$

Line Item Description Amount Amount

Fees earned

$Fees earned

$279,000$

Expenses:

Salary expense

$Salary expense

$242,000$

Supplies expense

Supplies expense

$1,650$

Depreciation expense

Depreciation expense

$900$

Miscellaneous expense

Miscellaneous expense

$2,000$

Total expenses Total expenses

$246,550$

Net income

$Net income

$32,450$

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Feedback

Revenue and expense accounts flow into the income statement.

Question Content Area

Based on the preceding spreadsheet, prepare statement of stockholders$$ equity for Triton Consulting. If no entry is required, leave the amount box blank or $"0".$ If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.

Triton Consulting

Statement of Stockholders$$ Equity

For the Year Ended April $30,20$Y$3$

Line Item Description Common

Stock Retained

Earnings

Total

Balances, May $1,20$Y$2$

$Balances, May $1,20$Y$2$

$21,500$

$Balances, May $1,20$Y$2$

$Balances, May $1,20$Y$2$

$21,500$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

Balances, April $30,20$Y$3$

$Balances, April $30,20$Y$3$

$21,500$

$Balances, April $30,20$Y$3$

$Balances, April $30,20$Y$3$

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Feedback

The statement of stockholders' equity shows the beginning balances of common stock and retained earnings. The common stock balance will be increased by any stock issued during the period, and retained earnings will be increased by any net income and decreased by any net losses and dividends.

Question Content Area

Based on the preceding spreadsheet, prepare a balance sheet for Triton Consulting.

Triton Consulting

Balance Sheet

April $30,20$Y$3$

Line Item Description Amount Amount

Assets

Current assets:

Cash

$Cash

$21,500$

Accounts receivable

Accounts receivable

$51,150$

Supplies

Supplies

$750$

Total current assets $Total current assets

$73,400$

Property, plant, and equipment:

Office equipment

$Office equipment

$32,000$

Accumulated depreciation

Accumulated depreciation

$5,400$

Total property, plant, and equipment Total property, plant, and equipment

$32,000$

Total assets $Total assets

$26,600$

Liabilities

Current liabilities:

Accounts payable

$Accounts payable

$3,350$

Salaries payable

Salaries payable

$2,000$

Total liabilities $Total liabilities

$5,350$

Stockholders' Equity

Common stock

$Common stock

$20,000$

Retained earnings

Retained earnings

$74,650$

Total stockholders' equity Total stockholders' equity

$74,650$

Total liabilities and stockholders' equity $Total liabilities and stockholders' equity

$94,650$

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Feedback

Assets $($including contra$-$assets, like Accumulated Depreciation$),$ liabilities, and the retained earnings account flow into the balance sheet.

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