1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
10. Calculate the closing percentage of the face value for a $3,000 bond with a closing price of $3,165.
erma4kov [3.2K]

Answer:

A 105.5%,

Explanation:

6 0
3 years ago
Opinion polling and market research are examples of stratified random sampling.
julia-pushkina [17]
Uhhh oh ok I pick false
3 0
2 years ago
Which common database challenge is illustrated by a person receiving multiple copies of an l.l. bean catalog, each addressed to
dangina [55]
<span>data inconsistency Let's look at the available options and see what makes or does not make sense. data normalization * Data normalization is the process of having each piece of data in the database entered only once. If you need the same data element multiple times, you put the data element into a table and each time you need that element, you make a reference to that table which holds the only copy of that piece of data. This process is used to simplify making changes to that data element. If the element changes, you make the change to a single piece of data in the database and that change is reflected everywhere else in the database that uses that element. That's not the issue with this problem, so it's a bad choice. data accuracy * Close, but not quite. The data in the database is accurate and does have the correct address and a correct variant of the person's name. So this isn't the right choice either. data redundancy * This is a problem that addressed by data normalization. And just like data normalization doesn't address this question's problem, neither does this address it. So another bad choice. data inconsistency * BINGO! The root issue is that minor variations in the format of a name result in what the database considers to be an unique name. And hence an unique person. This is the correct choice. data duplication * Another name for redundancy. So another bad choice.</span>
8 0
3 years ago
Cash dividends of $85,000 were declared during the year. Cash dividends payable were $10,000 and $15,000 at the beginning and en
Thepotemich [5.8K]

The amount of cash for the payment of dividends during the year is $80,000

What is the cash amount paid as dividends in the year?

The task at hand is to determine the amount of actual cash paid to shareholders as dividends in the year under review, which takes into consideration the amount of cash dividends declared in the year, the amount of dividends outstanding at the beginning of the year as well as the amount as at the end of the year.

$10,000 was unpaid at the beginning of the year, when declared during the year, which is $85,000 is added to it, we have $95,000 which the shareholders are expecting from the company.

The fact that at the end of the year, only $15,000 is unpaid means that out of the $95,000, $80,000 has been paid leaving us with an unpaid balance of just $15,000

cash dividends paid=beginning unpaid+ declared amount-amount unpaid at the end of the year

cash dividends paid=$10,000+$85,000-$15,000

cash dividends paid=$80,000

brainly.com/question/20374943

#SPJ1

8 0
2 years ago
The background on a company, its industry, and its economic setting is usually included in which of the following sections of a
tekilochka [14]

Answer:

1. Analysis Overview.

6 0
3 years ago
Other questions:
  • How would you politely tell a client that you do not wish to accept their friend request?
    7·1 answer
  • According to federal regulations, the expedited review process may be used when the study procedures pose: a minor increase over
    6·2 answers
  • The listing agreement in which a broker is entitled to a commission no matter who sells the property is known as
    13·1 answer
  • If a seller in a competitive market chooses to charge more than the going price, then:
    12·1 answer
  • "______ accounting uses adjusting entries to reflect economic reality even when there is _______ involved in the transaction. Th
    8·1 answer
  • The foreign-exchange market is located exclusively in the united states. true or false
    13·1 answer
  • Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue,
    12·1 answer
  • Which of the following does not represent a copyright?
    15·1 answer
  • Select the items below which must be adjusted to the book balance: ________
    7·1 answer
  • You sign a contract to purchase a machine that will allow you to travel back in time and meet abraham lincoln. assuming that tim
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!