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		$