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eimsori [14]
2 years ago
6

Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepa

red for the year ended June 30, 20Y6: Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 20Y6 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 15,780 15,780 Accounts Receivable 37,570 37,570 Supplies 3,980 (a) 3,340 640 Office Equipment 30,810 30,810 Accumulated Depreciation 4,170 (b) 1,990 6,160 Accounts Payable 10,140 10,140 Salaries Payable (c) 490 490 Jayson Neese, Capital 38,320 38,320 Jayson Neese, Drawing 4,880 4,880 Fees Earned 71,580 71,580 Salary Expense 28,180 (c) 490 28,670 Supplies Expense (a) 3,340 3,340 Depreciation Expense (b) 1,990 1,990 Miscellaneous Expense 3,010 3,010 124,210 124,210 5,820 5,820 126,690 126,690
Business
1 answer:
Vesna [10]2 years ago
6 0

Question Completion:

Prepare income statement, statement of owners' equity, and a balance sheet.

Answer:

Elliptical Consulting

1. ELlIPTICAL CONSULTING

Income Statement for the year ended June 30, 2076:

Fees Earned                             $71,580

Salary Expense             28,670

Supplies Expense           3,340

Depreciation Exp.           1,990

Miscellaneous Exp.        3,010   37,010

Net Income                             $34,570

Statement of Owners' Equity for the year ended June 30, 20Y6:

Jayson Neese, Capital $38,320

Net Income                     34,570

Jayson Neese, Drawing (4,880)

Jayson Neese, Equity  $68,010

Balance Sheet as of June 30, 20Y6:

Assets:

Cash                                  $15,780

Accounts Receivable         37,570

Supplies                                  640  $53,990

Office Equipment               30,810

Accumulated Depreciation 6,160  $24,650

Total assets                                     $78,640

Liabilities + Equity:

Accounts Payable                           $10,140

Salaries Payable                                   490

Total liabilities                                $10,630

Jayson Neese, Capital                  $68,010

Total liabilities and equity            $78,640

Explanation:

a) Data and Calculations:

Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 20Y6

                                         Unadjusted                                           Adjusted  

                                        Trial Balance         Adjustments         Trial Balance

Account Title                   Dr.           Cr.          Dr.           Cr.         Dr.           Cr.

Cash                                15,780                                                 15,780

Accounts Receivable     37,570                                                37,570

Supplies                           3,980                            (a) 3,340          640

Office Equipment          30,810                                                 30,810

Accumulated Depreciation          4,170                (b) 1,990                     6,160

Accounts Payable                       10,140                                                  10,140

Salaries Payable                                                     (c)  490                       490

Jayson Neese, Capital             38,320                                                38,320

Jayson Neese, Drawing 4,880                                                 4,880

Fees Earned                             71,580                                                  71,580

Salary Expense             28,180                 (c)    490               28,670

Supplies Expense                                     (a) 3,340                 3,340

Depreciation Exp.                                     (b) 1,990                  1,990

Miscellaneous Exp.       3,010                                                   3,010

Totals                         124,210 124,210         5,820  5,820 126,690 126,690

                                           Adjusted  

                                        Trial Balance

Account Title                   Dr.           Cr.

Cash                                15,780

Accounts Receivable     37,570

Supplies                              640

Office Equipment          30,810

Accumulated Depreciation          6,160

Accounts Payable                       10,140

Salaries Payable                             490

Jayson Neese, Capital             38,320

Jayson Neese, Drawing 4,880

Fees Earned                             71,580

Salary Expense             28,670

Supplies Expense           3,340

Depreciation Exp.           1,990

Miscellaneous Exp.        3,010

Totals                         126,690 126,690

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