Question
Financial Statements from the End-of-Period Spreadsheet Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for
Financial Statements from the End-of-Period Spreadsheet
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, 2019:
| Elliptical Consulting | ||||||||
| End-of-Period Spreadsheet | ||||||||
| For the Year Ended June 30, 2019 | ||||||||
| Unadjusted | Adjusted | |||||||
| Trial Balance | Adjustments | Trial Balance | ||||||
| Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | ||
| Cash | 17,170 | 17,170 | ||||||
| Accounts Receivable | 40,880 | 40,880 | ||||||
| Supplies | 4,330 | (a) | 3,640 | 690 | ||||
| Office Equipment | 33,110 | 33,110 | ||||||
| Accumulated Depreciation | 4,540 | (b) | 2,170 | 6,710 | ||||
| Accounts Payable | 11,040 | 11,040 | ||||||
| Salaries Payable | (c) | 530 | 530 | |||||
| Jayson Neese, Capital | 41,700 | 41,700 | ||||||
| Jayson Neese, Drawing | 5,310 | 5,310 | ||||||
| Fees Earned | 77,450 | 77,450 | ||||||
| Salary Expense | 30,660 | (c) | 530 | 31,190 | ||||
| Supplies Expense | (a) | 3,640 | 3,640 | |||||
| Depreciation Expense | (b) | 2,170 | 2,170 | |||||
| Miscellaneous Expense | 3,270 | 3,270 | ||||||
| 134,730 | 134,730 | 6,340 | 6,340 | 137,430 | 137,430 | |||
Based on the preceding spreadsheet, prepare an income statement for Elliptical Consulting.
| Elliptical Consulting | ||
| Income Statement | ||
| For the Year Ended June 30, 2019 | ||
| Fees earned | $ | |
| Expenses: | ||
| Salary expense | $ | |
| Supplies expense | ||
| Depreciation expense | ||
| Miscellaneous expense | ||
| Total expenses | ||
| Net income | $ | |
Feedback
Revenue and expense accounts flow into the income statement. Recall that revenues include fees earned for goods and services.
Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.
| Elliptical Consulting | ||
| Statement of Owner's Equity | ||
| For the Year Ended June 30, 2019 | ||
| Jayson Neese, capital, July 1, 2018 | $ | |
| Net income | $ | |
| Withdrawals | ||
| Increase in owner's equity | ||
| Jayson Neese, capital, June 30, 2019 | $ | |
Feedback
The first item normally on the statement of owner's equity is the beginning balance of the owner's capital account. Add to this balance any owner investments and net income, and deduct any net losses and withdrawals.
Based on the preceding spreadsheet, prepare a balance sheet for Elliptical Consulting.
| Elliptical Consulting | ||
| Balance Sheet | ||
| June 30, 2019 | ||
| Assets | ||
| Current assets: | ||
| Cash | $ | |
| Accounts receivable | ||
| Supplies | ||
| Total current assets | $ | |
| Property, plant, and equipment: | ||
| Office equipment | $ | |
| Less accumulated depreciation | ||
| Total property, plant, and equipment | ||
| Total assets | $ | |
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable | $ | |
| Salaries payable | ||
| Total liabilities | $ | |
| Owner's Equity | ||
| Jayson Neese, capital | ||
| Total liabilities and owner's equity | $ | |
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New Auditors Guide To Internal Auditing
Authors: Bruce R. Turner
1st Edition
1634540549, 978-1634540544
