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 |
Based on the preceding spreadsheet, prepare an income statement for Triton Consulting.
Triton Consulting | ||
Income Statement | ||
For the Year Ended April 30, 20Y3 | ||
Fees earned | $fill in the blank d51c9e07ef99fdc_2 | |
Expenses: | ||
Salary expense | $fill in the blank d51c9e07ef99fdc_4 | |
Supplies expense | fill in the blank d51c9e07ef99fdc_6 | |
Depreciation expense | fill in the blank d51c9e07ef99fdc_8 | |
Miscellaneous expense | fill in the blank d51c9e07ef99fdc_10 | |
Total expenses | fill in the blank d51c9e07ef99fdc_11 | |
Net income | $fill in the blank d51c9e07ef99fdc_13 |
Feedback
Revenue and expense accounts flow into the income statement.
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.
Triton Consulting | |||
Statement of Stockholders Equity | |||
For the Year Ended April 30, 20Y3 | |||
Common Stock | Retained Earnings | Total | |
Balances, May 1, 20Y2 | $fill in the blank ab6a83f9efda014_2 | $fill in the blank ab6a83f9efda014_3 | $fill in the blank ab6a83f9efda014_4 |
Issued common stock | fill in the blank ab6a83f9efda014_6 | fill in the blank ab6a83f9efda014_7 | fill in the blank ab6a83f9efda014_8 |
Net income | fill in the blank ab6a83f9efda014_10 | fill in the blank ab6a83f9efda014_11 | fill in the blank ab6a83f9efda014_12 |
Dividends | fill in the blank ab6a83f9efda014_14 | fill in the blank ab6a83f9efda014_15 | fill in the blank ab6a83f9efda014_16 |
Balances, April 30, 20Y3 | $fill in the blank ab6a83f9efda014_18 | $fill in the blank ab6a83f9efda014_19 | $fill in the blank ab6a83f9efda014_20 |
Feedback
Based on the preceding spreadsheet, prepare a balance sheet for Triton Consulting.
Triton Consulting | ||
Balance Sheet | ||
April 30, 20Y3 | ||
Assets | ||
Current assets: | ||
Cash | $fill in the blank b10af4ff8fb3f93_2 | |
Accounts receivable | fill in the blank b10af4ff8fb3f93_4 | |
Supplies | fill in the blank b10af4ff8fb3f93_6 | |
Total current assets | $fill in the blank b10af4ff8fb3f93_7 | |
Property, plant, and equipment: | ||
Office equipment | $fill in the blank b10af4ff8fb3f93_9 | |
Accumulated depreciation | fill in the blank b10af4ff8fb3f93_11 | |
Total property, plant, and equipment | fill in the blank b10af4ff8fb3f93_12 | |
Total assets | $fill in the blank b10af4ff8fb3f93_13 | |
Liabilities | ||
Current liabilities: | ||
Accounts payable | $fill in the blank b10af4ff8fb3f93_15 | |
Salaries payable | fill in the blank b10af4ff8fb3f93_17 | |
Total liabilities | $fill in the blank b10af4ff8fb3f93_18 | |
Stockholders' Equity | ||
Common stock | $fill in the blank b10af4ff8fb3f93_20 | |
Retained earnings | fill in the blank b10af4ff8fb3f93_22 | |
Total stockholders' equity | fill in the blank b10af4ff8fb3f93_23 | |
Total liabilities and stockholders' equity | $fill in the blank b10af4ff8fb3f93_24 |
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