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$3$:

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 $13,78013,780$

Accounts Receivable $32,80032,800$

Supplies $3,4802,920560$

Office Equipment $26,90026,900$

Accumulated Depreciation $3,6401,7405,380$

Accounts Payable $8,8608,860$

Salaries Payable $430430$

Common Stock $11,00011,000$

Retained Earnings $22,46022,460$

Dividends $4,2604,260$

Fees Earned $61,82061,820$

Salary Expense $23,94043024,370$

Supplies Expense $2,9202,920$

Depreciation Expense $1,7401,740$

Miscellaneous Expense $2,6202,620$

$107,780107,7805,0905,090109,950109,950$

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$3$

Fees earned

$Fees earned

$61,820$

Expenses:

Salary expense

$Salary expense

$24,370$

Supplies expense

Supplies expense

$2,920$

Depreciation expense

Depreciation expense

$1,740$

Miscellaneous expense

Miscellaneous expense

$2,620$

Total expenses fill in the blank afe$374034$fe$2011\_11$

$31,650$

Net income

$Net income

$30,170$

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Question Content Area

Based on the preceding spreadsheet, prepare a statement of stockholders$$ equity for Triton Consulting. During the year ended April $30,20$Y$3,$ common stock of $$4,000$ was issued. 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.

Triton Consulting

Statement of Stockholders$$ Equity

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

blank Common Stock Retained Earnings Total

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

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

$7,000$

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

$22,460$

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

$15,460$

Issued common stock

Issued common stock

$4,000$

Issued common stock

Issued common stock

$4,000$

Net income

Net income

Net income

$30,070$

Net income

$30,070$

Dividends

Dividends

Dividends

$-4,300$

Dividends

$-4,300$

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

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

$11,000$

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

$48,470$

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

$59,470$

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Question Content Area

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

Triton Consulting

Balance Sheet

April $30,20$Y$3$

Assets

Current assets:

Cash

$Cash

$13,780$

Accounts receivable

Accounts receivable

$32,800$

Supplies

Supplies

$19,020$

Total current assets $fill in the blank $07$da$26$f$8$efe$6$fde$\_7$

$46,580$

Property, plant, and equipment:

Office equipment

$Office equipment

$26,900$

Accumulated depreciation

Accumulated depreciation

$3,640$

Total property, plant, and equipment fill in the blank $07$da$26$f$8$efe$6$fde$\_12$

$23,260$

Total assets $fill in the blank $07$da$26$f$8$efe$6$fde$\_13$

$53,800$

Liabilities

Current liabilities:

Accounts payable

$Accounts payable

$8,860$

Salaries payable

Salaries payable

$430$

Total liabilities $fill in the blank $07$da$26$f$8$efe$6$fde$\_18$

$9,290$

Stockholders' Equity

Common stock

Common stock

$11,000$

Retained earnings

Retained earnings

$22,460$

Total stockholders' equity fill in the blank $07$da$26$f$8$efe$6$fde$\_23$

$33,460$

Total liabilities and stockholders' equity fill in the blank $07$da$26$f$8$efe$6$fde$\_24$

$42,750$