Prepare an income statement for the year ended July 31, 20Y5 for Bamboo 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 exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon (:) will automatically appear if it is required. Score: 37/65 Bamboo Consulting Income Statement (Label) 1 Fees earned $348,500.00 2 Expenses: 3 Salary expense $189,000.00 4 Supplies expense 7,500.00 5 Depreciation expense 5,600.00 6 Miscellaneous expense 11,100.00 7 Total expenses 213,200.00 8 Net income $135,300.00 Points: 9.11 / 16 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. 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, 20Y5: Bamboo Consulting End-of-Period Spreadsheet For the Year Ended July 31, 20Y5 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 57,100 57,100 Accounts Receivable 108,200 108,200 Supplies 12,200 (a) 6,300 5,900 Office Equipment 518,000 518,000 Accumulated Depreciation 28,500 (b) 6,900 35,400 Accounts Payable 21,100 21,100 Salaries Payable (c) 2,300 2,300 Lisa Gooch, Capital 521,800 521,800 Lisa Gooch, Drawing 25,000 25,000 Fees Earned 347,400 347,400 Salary Expense 186,600 (c) 2,300 188,900 Supplies Expense (a) 6,300 6,300 Depreciation Expense (b) 6,900 6,900 Miscellaneous Expense 11,700 11,700 918,800 918,800 15,500 15,500 928,000 928,000 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. 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, 20Y5: Bamboo Consulting End-of-Period Spreadsheet For the Year Ended July 31, 20Y5 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 57,100 57,100 Accounts Receivable 108,200 108,200 Supplies 12,200 (a) 6,300 5,900 Office Equipment 518,000 518,000 Accumulated Depreciation 28,500 (b) 6,900 35,400 Accounts Payable 21,100 21,100 Salaries Payable (c) 2,300 2,300 Lisa Gooch, Capital 521,800 521,800 Lisa Gooch, Drawing 25,000 25,000 Fees Earned 347,400 347,400 Salary Expense 186,600 (c) 2,300 188,900 Supplies Expense (a) 6,300 6,300 Depreciation Expense (b) 6,900 6,900 Miscellaneous Expense 11,700 11,700 918,800 918,800 15,500 15,500 928,000 928,000 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. 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, 20Y5: Bamboo Consulting End-of-Period Spreadsheet For the Year Ended July 31, 20Y5 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 57,100 57,100 Accounts Receivable 108,200 108,200 Supplies 12,200 (a) 6,300 5,900 Office Equipment 518,000 518,000 Accumulated Depreciation 28,500 (b) 6,900 35,400 Accounts Payable 21,100 21,100 Salaries Payable (c) 2,300 2,300 Lisa Gooch, Capital 521,800 521,800 Lisa Gooch, Drawing 25,000 25,000 Fees Earned 347,400 347,400 Salary Expense 186,600 (c) 2,300 188,900 Supplies Expense (a) 6,300 6,300 Depreciation Expense (b) 6,900 6,900 Miscellaneous Expense 11,700 11,700 918,800 918,800 15,500 15,500 928,000 928,000 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. Labels Current assets Current liabilities Expenses For the Year Ended July 31, 20Y5 July 31, 20Y5 Property, plant, and equipment Revenues Amount Descriptions Decrease in owners equity Increase in owners equity Lisa Gooch, capital Lisa Gooch, capital, August 1, 20Y4 Lisa Gooch, capital, July 31, 20Y5 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 Withdrawals