Part 8:

The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.

NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional.

Prepare an income statement.

Kelly Consulting Income Statement For the Month Ended May 31, 20Y8
Fees earnedInsurance expenseRent expenseSalary expenseUtilities expense		$fill in the blank 2
Expenses:
CashFees earnedSalary expenseSalaries payableUtilities expense	$fill in the blank 4
CashOffice equipmentPrepaid rentRent expenseUtilities expense	fill in the blank 6
Accounts receivableFees earnedSuppliesSupplies expenseUtilities expense	fill in the blank 8
Accounts payableAccumulated depreciationDepreciation expenseUtilities expenseUnearned fees	fill in the blank 10
CashFees earnedInsurance expensePrepaid insuranceUtilities expense	fill in the blank 12
Accounts payableAccounts receivableIncome summaryMiscellaneous expenseUtilities expense	fill in the blank 14
Common stockFees earnedRetained earningsTotal expensesUtilities expense		fill in the blank 16
Kelly Pitney, drawingIncome summaryNet incomeNet lossUtilities expense		$fill in the blank 18

Prepare a statement of stockholders equity. 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.

Kelly Consulting Statement of Stockholders Equity For the Month Ended May 31, 20Y8
	Common Stock	Retained Earnings	Total
Balances, May 1, 20Y8Balances, May 31, 20Y8DividendsNet incomeNet loss	$fill in the blank 20	$fill in the blank 21	$fill in the blank 22
Balances, May 1, 20Y8Balances, May 31, 20Y8Change in retained earningsNet incomeNet loss	fill in the blank 24	fill in the blank 25	fill in the blank 26
Balances, May 1, 20Y8Balances, May 31, 20Y8DividendsNet incomeNet loss	fill in the blank 28	fill in the blank 29	fill in the blank 30
Balances, May 1, 20Y8Balances, May 31, 20Y8DividendsNet incomeNet loss	$fill in the blank 32	$fill in the blank 33	$fill in the blank 34

Prepare a balance sheet.

Kelly Consulting Balance Sheet May 31, 20Y8
Assets			Liabilities
Current assets:			Current liabilities:
CashFees earnedOffice equipmentKelly Pitney, capitalUnearned fees	$fill in the blank 36		Accounts payableAccounts receivableCashCommon stockRetained earnings	$fill in the blank 38
Accounts payableAccounts receivableFees earnedSalaries payableUnearned fees	fill in the blank 40		Accounts receivablePrepaid insurancePrepaid rentSalaries payableSalary expense	fill in the blank 42
Accounts payableFees earnedSuppliesSupplies expenseUnearned fees	fill in the blank 44		Accounts receivableCommon stockFees earnedRetained earningsUnearned fees	fill in the blank 46
Accounts payableMiscellaneous expenseOffice equipmentPrepaid rentRent expense	fill in the blank 48
CashInsurance expensePrepaid insuranceSalaries payableSupplies expense	fill in the blank 50		Total liabilities		$fill in the blank 51
Total current assets		$fill in the blank 52
Property, plant, and equipment:			Stockholders Equity
Accounts payableFees earnedOffice equipmentPrepaid insuranceRent expense	$fill in the blank 54		Accounts payableCommon stockOffice equipmentPrepaid insuranceRent expense	$fill in the blank 56
Accounts payableAccumulated depreciationDepreciation expenseOffice equipment Unearned fees	fill in the blank 58		Accounts receivableFees earnedOffice equipmentRetained earningsSalaries payable	fill in the blank 60
Total property, plant, and equipment		fill in the blank 61	Total stockholders equity		fill in the blank 62
Total assets		$fill in the blank 63	Total liabilities and stockholders equity		$fill in the blank 64

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