Introductions

Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 2016:

	Bamboo Consulting
	End-of-Period Spreadsheet
	For the Year Ended July 31, 2016
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	58,000				58,000
Accounts Receivable	106,200				106,200
Supplies	11,900			(a) 7,500	4,400
Office Equipment	515,000				515,000
Accumulated Depreciation		28,000		(b) 5,600		33,600
Accounts Payable		20,500				20,500
Salaries Payable				(c) 2,500		2,500
Lisa Gooch, Capital		516,700				516,700
Lisa Gooch, Drawing	25,000				25,000
Fees Earned		348,500				348,500
Salary Expense	186,500		(c) 2,500		189,000
Supplies Expense			(a) 7,500		7,500
Depreciation Expense			(b) 5,600		5,600
Miscellaneous Expense	11,100				11,100
	913,700	913,700	15,600	15,600	921,800	921,800

Based on the preceding spreadsheet, prepare an income statement, statement of owners equity, and balance sheet for Bamboo Consulting. Be sure to read the instructions for each financial statement carefully.

CHART OF ACCOUNTS

Bamboo Consulting

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Office Equipment
15	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Salaries Payable

	EQUITY
31	Lisa Gooch, Capital
32	Lisa Gooch, Drawing
33	Income Summary

Labels

Current assets

Current liabilities

Expenses

For the Year Ended July 31, 2016

July 31, 2016

Property, plant, and equipment

Revenues

Amount Descriptions

Add withdrawals

Decrease in owners equity

Increase in owners equity

Less withdrawals

Lisa Gooch, capital

Lisa Gooch, capital, August 1, 2015

Lisa Gooch, capital, July 31, 2016

Net income

Net loss

Total assets

Total current assets

Total expenses

Total liabilities

Total liabilities and owners equity

Total property, plant, and equipment

Total revenues

Income Statement

Prepare an income statement for the year ended July 31, 2016 for Bamboo Consulting. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.

Bamboo Consulting

Income Statement

1
2
3
4
5
6
7
8

Prepare a statement of owners equity for the year ended July 31, 2016 for Bamboo Consulting. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owners equity, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.

Bamboo Consulting

Statement of Owners Equity

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2
3
4
5

Prepare a balance sheet as of July 31, 2016 for Bamboo Consulting. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Bamboo Consulting

Balance Sheet

1	Assets
2
3
4
5
6
7
8
9
10
11
12	Liabilities
13
14
15
16
17	Owners equity
18
19

	REVENUE
41	Fees Earned

	EXPENSES
51	Salary Expense
52	Supplies Expense
53	Depreciation Expense
54	Miscellaneous Expense