Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Jayson Neese, Capital Jayson Neese, 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 Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 2019 Unadjusted AdjustmentsTrial Balance Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Adjusted 27,000 53,500 3,000 30,500 2,000 32,000 2,000 150,000 4,500 3,300 82,200 60,000 150,000 (c) 375 (a) 2,100 (b) 1,500 3,975 (a) 2,100 (b) 1,500 (c) 375 3,975 27,000 53,500 9 30,500 2,000 32,375 2,100 1,500 2,000 151,875 6,000 3,3007 5 82,200 60,000 151,875 B C D E F GA 189 201 2 3
Based on the preceding spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for Elliptical Consulting.
Answers:
Fees earned$60,000
Expenses:
Salary expense$32,375
Supplies expense2,100
Depreciation expense1,500
Miscellaneous expense2,000
Total expenses37,975
Net income$22,025
Jayson Neese, capital, July 1, 2018$ 82,200
Net income$22,025
Withdrawals(2,000)
Increase in owner’s equity20,025
Jayson Neese, capital, June 30, 2019$102,225
Current assets:
Cash$27,000
Accounts receivable53,500
Supplies900
Total current assets$ 81,400
Property, plant, and equipment:
Office equipment$30,500
Less accumulated depreciation6,000
Total property, plant, and equipment24,500
Total assets$105,900
Current liabilities:
Accounts payable$ 3,300
Salaries payable375
Total liabilities $ 3,675
Jayson Neese, capital102,225
Total liabilities and owner’s equity$105,900