Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Lisa Gooch, Capital Lisa Gooch, Drawing Fees Earned Salary Expense Supplies Expense Depreciation Expense Miscellaneous Expense 1 2 3 4 5 6 7 8 9 101 2 3 4 5 6 7 8 9 201 2 3 Bamboo Consulting End-of-Period Spreadsheet For the Year Ended July 31, 2019 Unadjusted AdjustmentsTrial Balance Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Adjusted 58,000 106,200 11,900 515,000 25,000 186,500 11,100 913,700 28,000 20,500 516,700 348,500 913,700 (c) 2,500 (a) 7,500 (b) 5,600 15,600 (a) 7,500 (b) 5,600 (c) 2,500 15,600 58,000 106,200 4,400 515,000 25,000 189,000 7,500 5,600 11,100 921,800 33,600 20,500 2,500 516,700 348,500 921,800 B C D E F GA
Based on the preceding spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for Bamboo Consulting.
Answers:
Fees earned$348,500
Expenses:
Salary expense$189,000
Supplies expense7,500
Depreciation expense5,600
Miscellaneous expense11,100
Total expenses213,200
Net income$135,300
Lisa Gooch, capital, August 1, 2018$516,700
Net income$135,300
Withdrawals(25,000)
Increase in owner’s equity110,300
Lisa Gooch, capital, July 31, 2019$627,000
Current assets:
Cash$ 58,000
Accounts receivable106,200
Supplies4,400
Total current assets$168,600
Property, plant, and equipment:
Office equipment$515,000
Less accumulated depreciation 33,600
Total property, plant, and equipment481,400
Total assets$650,000
Current liabilities:
Accounts payable$ 20,500
Salaries payable2,500
Total liabilities $ 23,000
Lisa Gooch, capital627,000
Total liabilities and owner’s equity$650,000