Question

UOLIT $60,000 3.Spon, med THREE WINDS CONSULTING Income Statement For the Year Ended June 30, 2012 Foas earned Expenses Salary expense.... . . . ... Supplies expenso... . . .. Depreciation expenso.... . . .. ......... Miscellaneous expense.. Total expenses.... .. ..... . Not mcomo 2,400 800 1,500 . 37,200 . . .. . THREE WIND $22,200 S.. . THREE WINDS CONSULTING . . .". Retalned Earnings Statement V ... For the Yoar Ended June 30, 2012 Retained earnings, July 1, 2011................. Not Income Logs dividëlids Incroago In refained earnings.. . . .. ...... Rotalned earnings, June 30, 2012........ ......... .. Assets Currence Current assals:. THREE WINDS CONSULTING Balance Sheet June 30, 2012 Llabilitles Current Habilities: Cash................$ 7,600 Accounts payable $3,300 Accounts recolvable.. 23,600 Salarles payables Supplies.. ....... 600 Total llabtitles.......... Total current assets Property, plant, and ogúlpment: !: Office equilpinent. $30,500 Stockholders. Eqully Less'accum: dept.... Capital stock....... $10,000 Tofal property, plant, Retained earnings. .. : . and equipment.... Total stockholders' equlty .com Tofal liabilitles and Total assets. . 56,800 stockholders' equity

Answer 1

Answer is given below

$60,000 THREE WINDS CONSULTING Income Statement For the year ended June 30, 2012 Fees Earned Less: Expense Salary expense $32,500 Supplies expenses $2,400 Depreciation expenses $800 Miscellaneous expense $1,500 Total expenses Net Income $37,200 $22,800 THREE WINDS CONSULTING Statement of Changes in Stockholders' Equity For the year ended June 30, 2012 Retained earnings, July 1, 2011 $22,200 Net Income $22,800 Less: Dividend $2,000 Increase in Retained earnings $20,800 Retained earnings, June 30, 2012 $43,000 Assets Cash Accounts Receivable Supplies Total Current Assets THREE WINDS CONSULTING Balance Sheet as on June 30, 2012 Liabilities $7,500 Accounts payable $23,500 Salaries payable $600 $31,600 $3,300 $500 $3,800 Property, Plant and Equipment Equipment Less: Accumulated Depreciation Total Property, Plant and Equipment $30,500 -$5,300 Stockholders Equity $25,200 Common Stock Retained Earnings Total Stockholders equity $56,800 Total Liabilities and Stockholders' equity $10,000 $43,000 $53,000 $56,800 Total Assets Working notes: $37,200 Total expense Less: Supplies expenses Depreciation expenses Miscellaneous expense Salary expense $2,400 $800 $1,500 $32,500