Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Financial Statements from the End-of-Period Spreadsheet Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for

Financial Statements from the End-of-Period Spreadsheet Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 2015: Bamboo Consulting End-of-Period Spreadsheet For the Year Ended July 31, 2015 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 7,780 7,780 Accounts Receivable 18,520 18,520 Supplies 1,960 (a) 1,650 310 Office Equipment 15,000 15,000 Accumulated Depreciation 2,060 (b) 980 3,040 Accounts Payable 5,000 5,000 Salaries Payable (c) 240 240 Lisa Gooch, Capital 18,890 18,890 Lisa Gooch, Drawing 2,410 2,410 Fees Earned 35,280 35,280 Salary Expense 14,080 (c) 240 14,320 Supplies Expense (a) 1,650 1,650 Depreciation Expense (b) 980 980 Miscellaneous Expense 1,480 1,480 61,230 61,230 2,870 2,870 62,450 62,450 Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting. Bamboo Consulting Income Statement For the Year Ended July 31, 2015 Expenses: Total expenses Based on the preceding spreadsheet, prepare a statement of owner's equity for Bamboo Consulting. Bamboo Consulting Statement of Owner's Equity For the Year Ended July 31, 2015 Current assets: Bamboo Consulting Balance Sheet July 31, 2015 Assets Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total liabilities Owner's Equity Total liabilities and owner's equity 100 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cima Learning System Management Accounting Performance Evaluation Edition

Authors: Robert Scarlett

4th Edition

0750684305, 978-0750684309

More Books

Students also viewed these Accounting questions