Financial statements from the end$-$of$-$period spreadsheet

Paoli Consulting is a consulting firm owned and operated by Mary Paoli. The following end$-$of$-$period spreadsheet was prepared for the year ended March $31,20$Y$9$:

During the year ended March $31,20$Y$9,$ Mary Paoli invested an additional $$3,600$ in the business.

$\backslash$table$[[,,\backslash$table$[[$Paol$],[$End$-$of$-$Pe$],[$For the Year$]],\backslash$table$[[$dsulting$],[$d Spreadsheet$],[$ed March $31,2]],,,],[$Account Title,$\backslash$table$[[$Unadjusted$],[$Trial Balance$],[$Dr$.]],\backslash$table$[[$Unadjusted$],[$Trial Balance$],[$Cr$.]],\backslash$table$[[$Adjustments$],[$Dr$.]],\backslash$table$[[$Adjustments$],[$Cr$.]],\backslash$table$[[$Adjusted$],[$Trial Balance$],[$Dr$.]],\backslash$table$[[$Adjusted$],[$Trial Balance$],[$Cr$.]]],[$Cash$,11,450,,,,11,450,],[$Supplies$,2,890,,,2,430,460,],[$Land$,23,180,,,,23,180,],[$Building$,21,820,,,,21,820,],[$Accumulated Depreciation,,$3,030,,1,450,,4,480],[$Mary Paoli, Drawing,$3,550,,,,3,550,],[$Fees Earned,,$74,040,,,,74,040],[$Salary Expense,$19,910,,350,,20,260,],[$Supplies Expense,,,$2,430,,2,430,],[$Depreciation Expense,,,$1,450,,1,450,],[$Miscellaneous Expense,$2,180,,,,2,180,],[112,250,112,250,4,230,4,230,114,050,114,050]]$

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

Paoli Consulting

Income Statement

For the Year Ended March $31,20$ Y$9$

$\backslash$table$[[$Line Item Description,,Amount,Amount$],[$Fees earned,,,$$74,040],[$Expenses:$],[$Salary expense,,$$20,260,],[$Supplies expense,,$2,430,],[$Depreciation expense,:$\text{'},1,450,],[$Miscellaneous expense,$-,2,180,],[$Total expenses$],[$Net income,,,$$47,720]]$

Paoli Consulting

$\backslash$table$[[\backslash$table$[[$Paoli Consulting$],[$Statement of Owner's Equity$],[$For the Year Ended March $31,20$Y$9]]],[$Line Item Description$],[$Mary Paoli, capital, April $1,20$Y$8],[$Additional investment by owner$],[$Net income for the year$],[$Accounts payable$],[$Mary Paoli, capital, March $31,20$Y$9]]$

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

Paoli Consulting

Balance Sheet

March $31,20$Y$9$

Current assets:

$q,$

Assets

Total current assets

Property, plant, and equipment:

$q,$

$$

Total property, plant, and equipment

Total assets

Liabilities

Current liabilities:

$$

$$

Current liabilities:

Total liabilities

nwnor's Equity

Total liabillities and owner's equity