Please complete the Income Statement, Statement of Owner's Equity and Balance Sheet.

Instructions Labels and Amount Descriptions Income Statement Statement of Owner's Equity Balance Sheet Instructions Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2048: Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 2046 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 27.800 27.800 Accounts Receivable 55,400 55.400 Supplies 3,200 (a) 2.300 900 Office Equipment 34,000 34,000 Accumulated Depreciation 5,000 (b) 1.000 6.000 Accounts Payable 3,700 3.700 Salaries Payable (c) 330 330 Jayson Neese, Capital 101,100 101,100 Jayson Neese, Drawing 2,000 2,000 Fees Earned 58,000 58,000 Salary Expense 34,100 (c) 330 34.430 Supplies Expense (a) 2.300 2.300 Depreciation Expense (b) 1.000 1.000 Miscellaneous Expense 11,300 11,300 167,800 167,800 3.630 3.630 169,130 169,130 Required: Based on the preceding spreadsheet prepare an income statement, statement of owner's equity, and balance sheet for Elliptical Consulting. Be sure to read the instructions for each financial statement carefully. Labels Current assets Current liabilities Expenses For the Year Ended June 30, 2048 June 30, 2040 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Jayson Neese, capital, July 1, 2045 Jayson Neese, capital, June 30, 2018 Net income Net loss Total revenues Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals Instructions Income Statement Prepare an income statement for the year ended June 30, 2016 for Elliptical Consulting. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exac results in a negative amount. For example: Netloss should be negative Expenses should be positive. A colon (1) will automatically appear if it is required. Elliptical Consulting Score: 59/65 Income Statement For the Year Ended June 30, 2046 Fees earned $58,000.00 2 Expenses: $34,430.00 Salary expense Supplies expense Depreciation expense 2,300.00 5 1,000.00 6 Miscellaneous expense 11,300.00 Total expenses & Net income Feedback Check My Work Revenue and expense accounts flow into the income statement. Recall that revenues include fees earned for goods and services. If revenues exceed expenses, a net income will result Statement of Owner's Equity Shaded cells have feedback Prepare a statement of owner's equity for the year ended June 30, 20Y6 for Elliptical Consulting. No additional investments were made during the year. Be sure to complete the statement heading. Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. If a net loss is incurred or there is a decrease in owner's equity, enter that amount as a negative number using a minus sign. Score: 20/50 Elliptical Consulting Statement of Owner's Equity For the Year Ended June 30, 2016 1 Jayson Neese, capital, July 1, 2045 2 Net income 3 Withdrawals Points: 4.4/11 Feedback Check My Work The first item normally on the statement of owner's equity is the beginning balance of the owner's capital account. This balance will be changed positively by any owner investments and net income, and negatively by any net losses and withdrawals. Balance Sheet Shaded cells have feedback. Prepare a balance sheet as of June 30, 2016 for Elliptical Consulting. Be sure to complete the statement heading. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. You will not need to enter colons() or the word "Less" and "Ado" on the balance sheet: they will automatically insert where necessary. Enter all amounts as positive numbers. Elliptical Consulting Score: 45/114 Balance Sheet June 30, 2046 Assets 2 Current assets: Cash Accounts receivable 5 Supplies Total current assets (Label) 12 Liabilities 13 Current liabilities: Accounts payable 15 Salaries payable Owner's Equity 19 Jayson Neese, capital 19 Shareholder's Equity Points: 11.84/30