Comprehensive Problem 1
Part 8:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.
NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional.
Prepare an income statement.
Kelly Consulting Income Statement For the Month Ended May 31, 20Y8 | ||
---|---|---|
Fees earned | $ | |
Expenses: | ||
Salary expense | $ | |
Rent expense | ||
Supplies expense | ||
Depreciation expense | ||
Insurance expense | ||
Miscellaneous expense | ||
Total expenses | ||
Net income | $ |
Prepare a statement of stockholders’ equity. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.
Kelly Consulting Statement of Stockholders’ Equity For the Month Ended May 31, 20Y8 | |||
---|---|---|---|
Common Stock | Retained Earnings | Total | |
Balances, May 1, 20Y8 | $ | $ | $ |
Net income | |||
Dividends | |||
Balances, May 31, 20Y8 | $ | $ | $ |
Prepare a balance sheet.
Kelly Consulting Balance Sheet May 31, 20Y8 | |||||
---|---|---|---|---|---|
Assets | Liabilities | ||||
Current assets: | Current liabilities: | ||||
Cash | $ | Accounts payable | $ | ||
Accounts receivable | Salaries payable | ||||
Supplies | Unearned fees | ||||
Prepaid rent | |||||
Prepaid insurance | Total liabilities | $ | |||
Total current assets | $ | ||||
Property, plant, and equipment: | Stockholders’ Equity | ||||
Office equipment | $ | Common stock | $ | ||
Accumulated depreciation | Retained earnings | ||||
Total property, plant, and equipment | Total stockholders’ equity | ||||
Total assets | $ | Total liabilities and stockholders’ equity | $ |
Common Stock = $ 30000
Retained Earnings = $ 35225
You could've obtained these figures from the Statement of Stockholder's Equity
Comprehensive Problem 1Part 8:The following is a comprehensive problem which encompasses allof the...
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