Question

Financial Statements from the End-of-Period Spreadsheet

Financial Statements from the End-of-Period Spreadsheet Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 2013: During the year ended April 30, 20Y3, common stock of $5,000 was issued. Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 20Y3 Unadjusted Trial Balance Dr. Cr. Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. Account Title Cash 21,500 51,150 2,400 32,000 Accounts Receivable Supplies Office Equipment Accumulated Depreciation Accounts Payable 21,500 51,150 750 32,000 1,650 900 4,500 3,350 Salaries Payable 2,000 5,400 3,350 2,000 20,000 52,200 Common Stock Retained Earnings Dividends 20,000 52,200 10,000 10,000 Fees Earned 279,000 279,000 240,000 Salary Expense Supplies Expense Depreciation Expense Miscellaneous Expense 2,000 1,650 900 242,000 1,650 900 2,000 2,000 359,050 359,050 4,550 4,550 3 61,950 361,950

Answer 1

$ 279,000 Triton Consulting Income Statement For the Year Ended April 30, 20Y3 Fees earned Expenses: Salary expense $ 242,000 Supplies expense 1,650 Depreciation expense 900 Misellaneous expense 2,000 Total expenses Net income $ $ 246,550 32,450 Total Triton Consulting Statement of Stockholders' Equity For the Year Ended April 30, 20Y3 Common Retained Stock Earnings Balance, May 01, 20Y2 $ 15,000 $ 52,200 $ Issue of common stock $ 5,000 $ Net income earned during year $ 32,450 $ Dividends $ -10,000 $ Balance, April 30, 20Y3 $ 20,000 $ 74,650 $ 67,200 5,000 32,450 -10,000 94,650

21,500 51,150 750 73400 32,000 -5,400 Triton Consulting Balance Sheet April 30, 20Y3 Assets Current assets: Cash $ Accounts receivable $ Supplies $ Total current assets Property, plant, and equipment: Office equipment $ Accumulated depreciation $ Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable $ Total liabilities Stockholders' Equity Common stock $ Retained earnings $ Total stockholders' equity Total liabilities and stockholders' equity $ $ 26,600 100,000 $ 3,350 2,000 $ 5,350 20,000 74,650 $ $ 94,650 100,000