Question
Taser Consulting is a consulting firm owned and operated by Annamarie Phipps. The following end-of-period spreadsheet was prepared for the year ended October 31, 2018:
Taser Consulting is a consulting firm owned and operated by Annamarie Phipps. The following end-of-period spreadsheet was prepared for the year ended October 31, 2018:
Taser Consulting | ||||||
End-of-Period Spreadsheet | ||||||
For the Year Ended October 31, 2018 | ||||||
Unadjusted Trial Balance | Adjustments | Adjusted Trial Balance | ||||
Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. |
Cash | 58,400 | 58,400 | ||||
Accounts Receivable | 106,000 | 106,000 | ||||
Supplies | 12,500 | 6,500 | 6,000 | |||
Office Equipment | 507,000 | 507,000 | ||||
Accumulated Depreciation | 25,500 | 5,500 | 31,000 | |||
Accounts Payable | 20,000 | 20,000 | ||||
Salaries Payable | 2,800 | 2,800 | ||||
Common Stock | 150,000 | 150,000 | ||||
Retained Earnings | 366,700 | 366,700 | ||||
Dividends | 27,000 | 27,000 | ||||
Fees Earned | 345,500 | 345,500 | ||||
Salary Expense | 186,000 | 2,800 | 188,800 | |||
Supplies Expense | 6,500 | 6,500 | ||||
Depreciation Expense | 5,500 | 5,500 | ||||
Miscellaneous Expense | 10,800 | 10,800 | ||||
Total | 907,700 | 907,700 | 14,800 | 14,800 | 916,000 | 916,000 |
Prepare a retained earnings statement for the year ended October 31, 2018 for Taser Consulting. If a net loss is incurred or dividends were paid, 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.
Prepare an income statement for the year ended October 31, 2018 for Taser 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.
Prepare a balance sheet as of October 31, 2018 for Taser 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 (:) it will automatically insert where necessary.
Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Taser Consulting. Be sure to read the instructions for each financial statement carefully. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started