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 57,800 57,800 Accounts Receivable 108,800 108,800 Supplies 12,200 6,300 5,900 Office Equipment 518,000 518,000 Accumulated Depreciation 28,500 6,900 35,400 Accounts Payable 20,000 20,000 Salaries Payable 2,300 2,300 Common Stock 150,000 150,000 Retained Earnings 367,000 367,000 Dividends 25,000 25,000 Fees Earned 352,000 352,000 Salary Expense 184,000 2,300 186,300 Supplies Expense 6,300 6,300 Depreciation Expense 6,900 6,900 Miscellaneous Expense 11,700 11,700 Total 917,500 917,500 15,500 15,500 926,700 926,700 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. Taser Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 51 Salary Expense 14 Office Equipment 15 Accumulated Depreciation 52 Supplies Expense 53 Depreciation Expense LIABILITIES 54 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary Current liabilities Expenses For the Year Ended October 31, 2018 October 31, 2018 Property, plant, and equipment Revenues Amount Descriptions Change in retained earnings Dividends Net income Net loss Retained earnings, November 1, 2017 Retained earnings, October 31, 2018 Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders' equity Total property, plant, and equipment Total revenues Total stockholders' equity 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. Taser Consulting Income Statement (Label) 1 2 (Label) 3 4 5 6 7 8 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. Taser Consulting Retained Earnings Statement (Label) 1 2 3 4 5 12 Liabilities 13 (Label) 14 15 16 17 Stockholders' Equity 18 19 20 21 Balance Sheet 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 (1) it will automatically insert where necessary. Taser Consulting Balance Sheet (Label) 1 Assets 2 (Label) 3 4 5 6 7 (Label) 8 9 10 11
