Financial Statements from the End-of-Period Spreadsheet

Paoli Consulting is a consulting firm owned and operated by Mary Paoli. The following end-of-period spreadsheet was prepared for the year ended March 31, 20Y9:

During the year ended March 31, 20Y9, $3,200 of additional common stock was issued.

Account TitleUnadjusted Trial Balance Dr.Unadjusted Trial Balance Cr.Adjustments Dr.Adjustments Cr.Adjusted Trial Balance Dr.Adjusted Trial Balance Cr.Cash10,25010,250Accounts Receivable24,41024,410Supplies2,5902,170420Land20,99020,990Building19,77019,770Accumulated Depreciation2,7101,2904,000Accounts Payable6,5906,590Salaries Payable320320Common Stock8,2008,200Retained Earnings16,70016,700Dividends3,1703,170Fees Earned66,75066,750Salary Expense17,82032018,140Supplies Expense2,1702,170Depreciation Expense1,2901,290Miscellaneous Expense1,9501,950Total100,950100,9503,7803,780102,560102,560

Question Content Area

Based on the preceding spreadsheet, prepare an income statement for Paoli Consulting.

Line Item DescriptionAmountAmountAccounts receivableCashEquipmentFees earnedSupplies$- Select -Expenses:Accounts payableCashFees earnedSalaries payableSalary expense$- Select -Accounts payableBuildingDividendsSuppliesSupplies expense- Select -Accounts payableAccounts receivableAccumulated depreciationDepreciation expenseSupplies- Select -Accounts payableAccumulated depreciationCashCommon stockMiscellaneous expense- Select -Total expensesfill in the blank 7811a6fe9f94009_11Net incomeNet loss$- Select -

Question Content Area

Based on the preceding spreadsheet, prepare a statement of stockholders equity for Paoli Consulting. 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.

Line Item DescriptionCommon StockRetained Earnings TotalBalances, April 1, 20Y8Balances, March 31, 20Y9CashNet incomeSupplies$- Select -$- Select -$- Select -Accounts payableBuildingCashIssued common stockSalaries payable- Select -- Select -- Select -Accounts payableBuildingCashNet incomeSalaries payable- Select -- Select -- Select -Accounts payableCashDividendsFees earnedBuilding- Select -- Select -- Select -Balances, April 1, 20Y8Balances, March 31, 20Y9CashNet incomeSupplies$- Select -$- Select -$- Select -

Question Content Area

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

Line Item DescriptionAmountAmountAmountAssetsCurrent assets:Accounts payableBuildingCashFees earnedNet income$- Select -Accounts payableAccounts receivableBuildingFees earnedSupplies expense- Select -Accounts payableCashCommon stockRetained earningsSupplies- Select -Total current assets$Total current assetsProperty, plant, and equipment:CashDepreciation expenseLandRetained earningsSupplies$- Select -BuildingCashDepreciation expenseRetained earningsSupplies$- Select -Accounts payableAccumulated depreciationCashDepreciation expenseDividends- Select -Accounts payableBook value-BuildingCashDepreciation expenseDividends- Select -Total property, plant, and equipmentTotal property, plant, and equipmentTotal assets$Total assetsLiabilitiesCurrent liabilities:Accounts payableAccounts receivableFees earnedBuildingRetained earnings$- Select -CashNet incomeBuildingSalaries payableSalary expense- Select -Total liabilities$Total liabilitiesStockholders' EquityAccounts receivableCommon stockNet incomeBuildingSupplies$- Select -Accounts receivableNet incomeBuildingRetained earningsSupplies- Select -Total stockholders' equityTotal stockholders' equityTotal liabilities and stockholders' equity$Total liabilities and stockholders' equity