Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Financial Statements from the End-of-Period Spreadsheet Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3: Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 20Y3 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. 16,790 39,970 Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation 16,790 39,970 4,240 31,980 3,560 680 31,980 4,440 2,120 6,560 Accounts Payable 10,790 10,790 520 520 Salaries Payable Common Stock 13,000 13,000 27,770 27,770 Retained Earnings Dividends 5,200 5,200 Fees Earned 74,960 74,960 29,580 520 Salary Expense Supplies Expense Depreciation Expense Miscellaneous Expense 3,560 2,120 30,100 3,560 2,120 3,200 3,200 130,960 130,960 6,200 6,200 133,600 133,600 Based on the preceding spreadsheet, prepare an income statement for Triton Consulting. Triton Consulting Income Statement For the Year Ended April 30, 20Y3 Fees earned $ 74,960 Expenses: Salary expense $ 30,100 Supplies expense 3,560 Depreciation expense 2,120 Miscellaneous expense 3,200 Total expenses 38,980 Net income $ 35,980 Based on the preceding spreadsheet, prepare a statement of stockholders' equity for Triton Consulting. During the year ended April 30, 20Y3, common stock of $4,000 was issued. 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. Triton Consulting Statement of Stockholders' Equity For the Year Ended April 30, 20Y3 Common Stock Retained Earnings Total Balances, May 1, 20Y2 $ $ Issued common stock Net income 35,980 35,980 Dividends Balances, April 30, 20Y3 $ $ Triton Consulting Balance Sheet April 30, 20Y3 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity

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

Commercial Energy Auditing Reference Handbook

Authors: Steve Doty

3rd Edition

1498769268, 978-1498769266

More Books

Students also viewed these Accounting questions