Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I uploaded d this problem on chegg because it is so big but the person who answered messed some things up as well as botching

I uploaded d this problem on chegg because it is so big but the person who answered messed some things up as well as botching the statement of stockholders' equity completely. Could anyone fix the highlighted mistakes image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Instructions 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 Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 21,500 21,500 Accounts Receivable 51,150 51,150 Supplies 2,400 1,650 750 Office Equipment 32,000 32,000 Accumulated Depreciation 4,500 900 5400 Accounts Payable 3,350 3,350 Salaries Payable 2,000 2,000 Common Stock 20,000 20,000 Retained Earnings 52,200 52,200 Dividends 10,000 10,000 Fees Earned 279,000 279,000 Salary Expense 240.000 2000 242 000 Fees Earned 279,000 279,000 Salary Expense 240,000 2000 242,000 Supplies Expense 1,650 1,650 Depreciation Expense 900 900 Miscellaneous Expense 2,000 2,000 359,050 359,050 4,550 4,550 361,950 361,950 Based on the preceding spreadsheet, prepare an income statement, statement of stockholdersequity, and balance sheet for Triton Consulting. During the year ended April 30, 20Y3, common stock of $5,000 was issued. Be sure to read the instructions for each financial statement carefully. Statement of Stockholders' Equity For the Year Ended April 30, 20Y3 Retained 1 Common Stock Total Earnings $52,200.00 2 Retained earnings 3 Net income 32,450.00 4 Dividends 10,000.00 5 Change in retained earnings 22,450.00 6 For the Year Ended April 30, 20Y3 $74,650.00 Accumulated depreciation 5,400.00 Total property, plant, and equipment 26,600.00 Total assets $1,000,000.00 Liabilities Current liabilities: Accounts payable $3,350.00 Salaries payable 2,000.00 Total liabilities $5,350.00 Stockholders' Equity Common stock $20,000.00 Retained earnings 74,650.00 Total stockholders' equity 94,650.00 Total liabilities and stockholders' equity $1,000,000.00 Income Statement Shaded cells have feedback. HICUM alcul For the Year Ended April 30, 20Y3 1 Fees earned $279,000.00 2 Expenses: 3 Salary expense $242,000.00 4 Supplies expense 1,650.00 5 Depreciation expense 900.00 6. Miscellaneous expense 2,000.00 7 246,650.00 8 Net income $32,450.00

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

Students also viewed these Accounting questions