Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2016:

	Elliptical Consulting
	End-of-Period Spreadsheet
	For the Year Ended June 30, 2016
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	27,600				27,600
Accounts Receivable	52,000				52,000
Supplies	3,500			(a) 2,100	1,400
Office Equipment	32,000				32,000
Accumulated Depreciation		4,200		(b) 1,200		5,400
Accounts Payable		3,200				3,200
Salaries Payable				(c) 460		460
Jayson Neese, Capital		100,900				100,900
Jayson Neese, Drawing	3,500				3,500
Fees Earned		55,000				55,000
Salary Expense	33,300		(c) 460		33,760
Supplies Expense			(a) 2,100		2,100
Depreciation Expense			(b) 1,200		1,200
Miscellaneous Expense	11,400				11,400
	163,300	163,300	3,760	3,760	164,960	164,960

	Based on the preceding spreadsheet, prepare an income statement, statement of owners equity, and balance sheet for Elliptical Consulting. Be sure to read the instructions for each financial statement carefully.

Chart of Accounts

CHART OF ACCOUNTS

Elliptical Consulting

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Office Equipment
15	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Salaries Payable

	EQUITY
31	Jayson Neese, Capital
32	Jayson Neese, Drawing
33	Income Summary

	REVENUE
41	Fees Earned

	EXPENSES
51	Salary Expense
52	Supplies Expense
53	Depreciation Expense
54	Miscellaneous Expense

Labels and Amount Descriptions

Labels
Current assets
Current liabilities
Expenses
For the Year Ended June 30, 2016
June 30, 2016
Property, plant, and equipment
Revenues
Amount Descriptions
Add withdrawals
Decrease in owners equity
Increase in owners equity
Jayson Neese, capital, July 1, 2015
Jayson Neese, capital, June 30, 2016
Less withdrawals
Net income
Net loss
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and owners equity
Total property, plant, and equipment
Total revenues

Income Statement

Prepare an income statement for the year ended June 30, 2016 for Elliptical Consulting. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.

Elliptical Consulting

Income Statement

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Statement of Owners Equity

Prepare a statement of owners equity for the year ended June 30, 2016 for Elliptical Consulting. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owners equity, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.

Elliptical Consulting

Statement of Owners Equity

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Balance Sheet

Prepare a balance sheet as of June 30, 2016 for Elliptical Consulting. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Elliptical Consulting

Balance Sheet

1	Assets
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12	Liabilities
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17	Owners equity
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