Question

Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 2019:

	Bamboo Consulting
	End-of-Period Spreadsheet
	For the Year Ended July 31, 2019
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	58,000				58,000
Accounts Receivable	106,200				106,200
Supplies	11,900			(a) 7,500	4,400
Office Equipment	515,000				515,000
Accumulated Depreciation		28,000		(b) 5,600		33,600
Accounts Payable		20,500				20,500
Salaries Payable				(c) 2,500		2,500
Lisa Gooch, Capital		516,700				516,700
Lisa Gooch, Drawing	25,000				25,000
Fees Earned		348,500				348,500
Salary Expense	186,500		(c) 2,500		189,000
Supplies Expense			(a) 7,500		7,500
Depreciation Expense			(b) 5,600		5,600
Miscellaneous Expense	11,100				11,100
	913,700	913,700	15,600	15,600	921,800	921,800

Required:

	Based on the preceding spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for Bamboo Consulting. Be sure to read the instructions for each financial statement carefully.

Chart of Accounts

CHART OF ACCOUNTS
Bamboo Consulting
General Ledger
ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Office Equipment 15 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Salaries Payable EQUITY 31 Lisa Gooch, Capital 32 Lisa Gooch, Drawing 33 Income Summary	REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Supplies Expense 53 Depreciation Expense 54 Miscellaneous Expense

Labels and Amount Descriptions

Labels
Current assets
Current liabilities
Expenses
For the Year Ended July 31, 2019
July 31, 2019
Property, plant, and equipment
Revenues
Amount Descriptions
Decrease in owner’s equity
Increase in owner’s equity
Lisa Gooch, capital
Lisa Gooch, capital, August 1, 2018
Lisa Gooch, capital, July 31, 2019
Net income
Net loss
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and owner’s equity
Total property, plant, and equipment
Total revenues
Withdrawals

Income Statement

Prepare an income statement for the year ended July 31, 2019 for Bamboo Consulting. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.

Bamboo Consulting

Income Statement

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Statement of Owner’s Equity

Prepare a statement of owner’s equity for the year ended July 31, 2019 for Bamboo Consulting. No additional investments were made during the year. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.

Bamboo Consulting

Statement of Owner’s Equity

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Balance Sheet

Prepare a balance sheet as of July 31, 2019 for Bamboo Consulting. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Bamboo Consulting

Balance Sheet

1	Assets
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12	Liabilities
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17	Owner’s Equity
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Answer 1

$ 348,500 Bamboo Consulting Income Statement For the Year Ended July 31,2019 1 Fees Earned 2 Expenses : 3 Salary expenses $ 189,000 4 Supplies Expenses $ 7,500 5 Depreciation Expenses $ 5,600 6 Miscellaneous Expenses $ 11,100 7 Total Expenses 8 Net Income $ 213,200 $ 135,300 $ 516,700 Bamboo Consulting Statement of Owner's Equity For the Year Ended July 31,2019 1 Lisa Gooch, capital, August 1, 2018 2 Add: Net Income $ 135.300 3 Less: Withdrawals $ 25,000 4 Increase in owner's equity 5 Lisa Gooch, capital, July 31, 2019 $ 110,300 $ 627,000

Bamboo Consulting Balance Sheet July. 31,2019 Assets 2 Current assets 3 Cash $ 58,000 4 Accounts Receivables $ 106,200 5 Supplies $ 4,400 6 Total Current Assets $ 168,600 7 Property, plant, and equipment 8 Office Equipment $ 515,000 9 Less: Accumulated Depreciation $ 33,600 $ 481,400 10 Total assets $ 650,000 Liabilities 12 Current Liabilities 13 Accounts Payable $ 20,500 14 Salaries payable S 2,500 15 Total Liabilities $ 23,000 Owner's Equity 17 Lisa Gooch, capital $ 627,000 18 Total Owner's Equity $627,000 19 Total Liabilities and Owner's Equity $ 650,000