Question

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

Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2016: Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 25,200 25,200 Accounts Receivable 52,000 52,000 Supplies 3,200 (a) 2,300 900 Office Equipment 34,000 34,000 Accumulated Depreciation 5,000 (b) 1,000 6,000 Accounts Payable 3,700 3,700 Salaries Payable (c) 330 330 Common Stock 30,000 30,000 Retained Earnings 53,200 53,200 Dividends 2,000 2,000 Fees Earned 58,000 58,000 Salary Expense 31,500 (c) 330 31,830 Supplies Expense (a) 2,300 2,300 Depreciation Expense (b) 1,000 1,000 Miscellaneous Expense 2,000 2,000 149,900 149,900 3,630 3,630 151,230 151,230 Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Elliptical Consulting. Be sure to read the instructions for each financial statement carefully.

Homework Answers

Answer #1
Income statement shows the net income earned by company during the year. Net income is calculated as total revenue less total expenses.
Elliptical Consulting
Income statement for the year ended June 30,2016
Fees earned $58,000
Less: Expenses
Salary expense $31,830
Supplies expense $2,300
Depreciation expense $1,000
Miscellaneous expense $2,000
Net income $20,870
Statement of retained earnings shows the changes in retained earnings during the year.
Elliptical Consulting
Retained earnings as on 30th June 2016
Retained earnings, July 1 $53,200
Add: Net income $20,870
Less: Dividend $2,000
Retained earnings, June 30 $72,070
Balance sheet of company shows the financial position as on date. It includes assets details and how the assets are fund by way of liabilities and equity.
Elliptical Consulting
Balance sheet as on 30th June 2016
Assets
Current assets
Cash $25,200
Accounts receivable $52,000
Supplies $900
Total current assets $78,100
Property, plant and equipment
Office equipment $34,000
Less: Accumulated depreciation $6,000
Office equipment, net $28,000
Total assets $106,100
Liabilities and equity
Current liabilities
Accounts payable $3,700
Salaries payable $330
Total current liabilities $4,030
Stockholder's equity
Common stock $30,000
Retained earnings $72,070
Total stockholder's equity $102,070
Total liabilities and equity $106,100
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