Missing information:
Kelly Consulting POST-CLOSING TRIAL BALANCE April 30, 2016
ACCOUNT TITLE DEBIT CREDIT
1 Cash 22,100.00
2 Accounts Receivable 3,400.00
3 Supplies 1,350.00
4 Prepaid Rent 3,200.00
5 Prepaid Insurance 1,500.00
6 Office Equipment 14,500.00
7 Accumulated Depreciation 330.00
8 Accounts Payable 800.00
9 Salaries Payable 120.00
10 Unearned Fees 2,500.00
11 Common Stock 30,000.00
12 Retained Earnings 12,300.00
13 Totals 46,050.00 46,050.00
Answer:
Kelly Consulting
Income statement
May 31st, 2016
Fees earned $40,000
Salary expense ($1,705)
Rent expense ($1,600)
Supplies expense ($1,370)
Depreciation expense ($330)
Insurance expense ($275)
<u>Miscellaneous expense ($1,295)</u>
Net income $33,425
Kelly Consulting
Balance Sheet
May 31st, 2016
Assets:
Cash $44,195
Accounts receivable $8,080
Supplies $715
Prepaid rent $1,600
Prepaid Insurance $1,225
Equipment $14,500
Accumulated depreciation office equipment ($660)
Total assets = $69,655
Liabilities:
Unearned fees $3,210
Accounts payable $895
Wages payable $325
Equity:
Capital, Kelly Pitney $30,000
Drawings, Kelly Pitney ($10,500)
Retained Earnings $45,725
Total liabilities and equity = $69,655
Explanation:
cash $4,500 + $2,450 - $225 - $640 - $750 + $8,360 + $7,900 + $9,520 - $750 - $1,070 + $3,300 - $10,500
unearned fees $4,500 - $1,290
accounts receivable -$2,450 + $9,180 + $4,820 - $9,520 + $2,650
advertising expense $225
accounts payable -$640 + $735
service revenue $9,180 + $8,360 + $4,820 + $7,900 + $3,300 + $2,650 + $3,790
wages expense $750 + $750 + $325 - $120
wages payable $325
supplies $735 - $20
utilities expense $260 + $810
drawings Kelly $10,500
insurance expense $275
supplies expense $1,370
depreciation $330
rent expense $1,600
