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	27,000						27,000
Accounts Receivable	53,500						53,500
Supplies	3,000				(a)	2,100	900
Office Equipment	30,500						30,500
Accumulated Depreciation		4,500			(b)	1,500		6,000
Accounts Payable		3,300						3,300
Salaries Payable					(c)	375		375
Jayson Neese, Capital		82,200						82,200
Jayson Neese, Drawing	2,000						2,000
Fees Earned		60,000						60,000
Salary Expense	32,000		(c)	375			32,375
Supplies Expense			(a)	2,100			2,100
Depreciation Expense			(b)	1,500			1,500
Miscellaneous Expense	2,000						2,000
	150,000	150,000		3,975		3,975	151,875	151,875

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. This balance will be changed positively by any owner investments and net income, and negatively by 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:
	$
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		$

Feedback

Assets (including contra-assets, like Accumulated Depreciation), liabilities, and the owner's capital account flow into the balance sheet.

Feedback

Partially correct