Elliptical Consulting is a consulting firm owned and operated byJayson Neese. The following end-of-period spreadsheet was preparedfor the year ended June 30, 2016:
EllipticalConsulting End-of-PeriodSpreadsheet For the Year Ended June30, 2016 Unadjusted TrialBalance Adjustments Adjusted TrialBalance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 27,000 27,000 Accounts Receivable 53,500 53,500 Supplies 3,000 (a) 2,100 900 Office Equipment 30,500 30,500 Accumulated Depreciation 4,500 (b) 1,500 6,000 Accounts Payable 3,300 3,300 Salaries Payable (c) 375 375 Common Stock 30,000 30,000 Retained Earnings 52,200 52,200 Dividends 2,000 2,000 Fees Earned 60,000 60,000 Salary Expense 32,000 (c) 375 32,375 Supplies Expense (a) 2,100 2,100 Depreciation Expense (b) 1,500 1,500 Miscellaneous Expense 2,000 2,000 150,000 150,000 3,975 3,975 151,875 151,875
Based on the precedingspreadsheet, prepare an income statement, retained earningsstatement, and balance sheet for Elliptical Consulting. Be sure toread the instructions for each financial statementcarefully.
Elliptical Consulting is a consulting firm owned and operated byJayson Neese. The following end-of-period spreadsheet was preparedfor the year ended June 30, 2016:
| EllipticalConsulting | ||||||
| End-of-PeriodSpreadsheet | ||||||
| For the Year Ended June30, 2016 | ||||||
| Unadjusted TrialBalance | Adjustments | Adjusted TrialBalance | ||||
| Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. |
| Cash | 27,000 | 27,000 | ||||
| Accounts Receivable | 53,500 | 53,500 | ||||
| Supplies | 3,000 | (a) 2,100 | 900 | |||
| Office Equipment | 30,500 | 30,500 | ||||
| Accumulated Depreciation | 4,500 | (b) 1,500 | 6,000 | |||
| Accounts Payable | 3,300 | 3,300 | ||||
| Salaries Payable | (c) 375 | 375 | ||||
| Common Stock | 30,000 | 30,000 | ||||
| Retained Earnings | 52,200 | 52,200 | ||||
| Dividends | 2,000 | 2,000 | ||||
| Fees Earned | 60,000 | 60,000 | ||||
| Salary Expense | 32,000 | (c) 375 | 32,375 | |||
| Supplies Expense | (a) 2,100 | 2,100 | ||||
| Depreciation Expense | (b) 1,500 | 1,500 | ||||
| Miscellaneous Expense | 2,000 | 2,000 | ||||
| 150,000 | 150,000 | 3,975 | 3,975 | 151,875 | 151,875 | |
| Based on the precedingspreadsheet, prepare an income statement, retained earningsstatement, and balance sheet for Elliptical Consulting. Be sure toread the instructions for each financial statementcarefully. |
Related questions
Finders Investigative Services is an investigative services firmthat is owned and operated by Stacy Tanner. On June 30, 2016, theend of the fiscal year, the accountant for Finders InvestigativeServices prepared an end-of-period spreadsheet, a part of whichfollows:
| Finders InvestigativeServices | |||
| End-of-PeriodSpreadsheet | |||
| For the Year Ended June30, 2016 | |||
| ~ | Adjusted TrialBalance | ||
| Account Title | ~ | Dr. | Cr. |
| ~ | |||
| Cash | ~ | 28,000 | |
| Accounts Receivable | ~ | 69,400 | |
| Supplies | ~ | 4,500 | |
| Prepaid Insurance | ~ | 2,500 | |
| Building | ~ | 432,000 | |
| Accumulated Depreciation-Building | ~ | 43,400 | |
| Accounts Payable | ~ | 11,100 | |
| Salaries Payable | ~ | 3,300 | |
| Unearned Rent | ~ | 1,700 | |
| Common Stock | ~ | 80,000 | |
| Retained Earnings | ~ | 293,400 | |
| Dividends | ~ | 11,400 | |
| Service Fees | ~ | 707,150 | |
| Rent Revenue | ~ | 11,400 | |
| Salaries Expense | ~ | 522,100 | |
| Rent Expense | ~ | 45,600 | |
| Supplies Expense | ~ | 10,800 | |
| Depreciation Expense-Building | ~ | 7,200 | |
| Utilities Expense | ~ | 7,150 | |
| Repairs Expense | ~ | 2,700 | |
| Insurance Expense | ~ | 2,500 | |
| Miscellaneous Expense | ~ | 5,600 | |
| ~ | 1,151,450 | 1,151,450 | |
| Required: | |||||||
| 1. |
| ||||||
| 2. | Based upon the end-of-periodspreadsheet, journalize the closing entries. | ||||||
| 3. | If Retained Earnings has instead decreased $33,000 after theclosing entries were posted, and the dividends remained the same,what would have been the amount of net income or net loss? Trying to find out whats the income statement, RetainedEarnings Statement,Balance Sheet, Journal, and 3. IfRetained Earnings has instead decreased $33,000 after the closingentries were posted, and the dividends remained the same, whatwould have been the amount of net income or net loss? If required,use the minus sign to indicate a net loss. |
