Question
Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3:
Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3:
During the year ended April 30, 20Y3, common stock of $5,000 was issued.
Triton Consulting | ||||||||
End-of-Period Spreadsheet | ||||||||
For the Year Ended April 30, 20Y3 | ||||||||
Unadjusted | Adjusted | |||||||
Trial Balance | Adjustments | Trial Balance | ||||||
Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | ||
Cash | 21,500 | 21,500 | ||||||
Accounts Receivable | 51,150 | 51,150 | ||||||
Supplies | 2,400 | 1,650 | 750 | |||||
Office Equipment | 32,000 | 32,000 | ||||||
Accumulated Depreciation | 4,500 | 900 | 5,400 | |||||
Accounts Payable | 3,350 | 3,350 | ||||||
Salaries Payable | 2,000 | 2,000 | ||||||
Common Stock | 20,000 | 20,000 | ||||||
Retained Earnings | 52,200 | 52,200 | ||||||
Dividends | 10,000 | 10,000 | ||||||
Fees Earned | 279,000 | 279,000 | ||||||
Salary Expense | 240,000 | 2,000 | 242,000 | |||||
Supplies Expense | 1,650 | 1,650 | ||||||
Depreciation Expense | 900 | 900 | ||||||
Miscellaneous Expense | 2,000 | 2,000 | ||||||
359,050 | 359,050 | 4,550 | 4,550 | 361,950 | 361,950 |
Question Content Area
Based on the preceding spreadsheet, prepare an income statement for Triton Consulting.
Accounts receivableCashEquipmentFees earnedSupplies | $- Select - | |
Expenses: | ||
Accounts payableCashOffice equipmentSalaries payableSalary expense | $- Select - | |
Accounts receivableFees earnedSelling expenseSupplies expenseSupplies | - Select - | |
Accumulated depreciationDepreciation expenseFees earnedOffice equipmentSupplies | - Select - | |
Accounts payableAccumulated depreciationCashMiscellaneous expenseSelling expense | - Select - | |
Total expenses | fill in the blank 94fe84fbf01f047_11 | |
Net incomeNet loss | $- Select - |
Question Content Area
Based on the preceding spreadsheet, prepare statement of stockholders equity for Triton Consulting. If no entry is required, leave the amount box blank or "0". If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.
blank | Common Stock | Retained Earnings | Total |
Balances, May 1, 20Y2Balances, April 30, 20Y3CashNet incomeSupplies | $- Select - | $- Select - | $- Select - |
Accounts payableAccounts receivableIssued common stockNet incomeNet loss | - Select - | - Select - | - Select - |
Accounts payableAccounts receivableCashNet incomeNet loss | - Select - | - Select - | - Select - |
Accounts payableCashDividendsFees earnedOffice equipment | - Select - | - Select - | - Select - |
Balances, May 1, 20Y2Balances, April 30, 20Y3 | $- Select - | $- Select - | $- Select - |
Question Content Area
Based on the preceding spreadsheet, prepare a balance sheet for Triton Consulting.
Assets | ||
Current assets: | ||
Accounts payableCashFees earnedOffice equipmentRetained earnings | $- Select - | |
Accounts payableAccounts receivableFees earnedNet incomeSupplies expense | - Select - | |
Accounts payableCashRetained earningsSupplies expenseSupplies | - Select - | |
Total current assets | $fill in the blank 2e0b2bffdf8e060_7 | |
Property, plant, and equipment: | ||
Accounts payableDepreciation expenseOffice equipmentRetained earningsSupplies | $- Select - | |
Accounts payableAccumulated depreciationDepreciation expenseFees earnedIncome tax expense | - Select - | |
Total property, plant, and equipment | fill in the blank 2e0b2bffdf8e060_12 | |
Total assets | $fill in the blank 2e0b2bffdf8e060_13 | |
Liabilities | ||
Current liabilities: | ||
Accounts payableAccounts receivableNet incomeOffice equipmentRetained earnings | $- Select - | |
CashFees earnedOffice equipmentSalaries payableSalary expense | - Select - | |
Total liabilities | $fill in the blank 2e0b2bffdf8e060_18 | |
Stockholders' Equity | ||
Accounts payableCommon stockNet lossOffice equipmentSupplies | $- Select - | |
Accounts payableNet lossOffice equipmentRetained earningsSupplies | - Select - | |
Total stockholders' equity | fill in the blank 2e0b2bffdf8e060_23 | |
Total liabilities and stockholders' equity | $fill in the blank 2e0b2bffdf8e060_24 |
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