Question

Financial Statements from the End-of-Period Spreadsheet Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 2019 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 27,000 27,000 Accounts Receivable 53,500 53,500 3,000 (a) 2,100 900 Supplies 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 82,200 82,200 Jayson Neese, Capital Jayson Neese, Drawing Fees Earned 2,000 2,000 60,000 60,000 32,000 (c) 375 32,375 (a) 2,100 2,100 Salary Expense Supplies Expense Depreciation Expense Miscellaneous Expense (b) 1,500 1,500 2,000 2,000 150,000 150,000 3,975 3,975 151,875 151,875

Answer 1

a) Income statement

Fees earned		60000
Expense
Salary expense	32375
Supplies expense	2100
Depreciation expense	1500
Miscellaneous expense	2000
Total expense		37975
Net income		22025

Statement of owner's equity

Jayson Neese, capital		82200
Add: Net income	22025
Less: Jayson Neese, Withdraw	-2000
		20025
Jayson Neese, capital, June 30		102225

Balance sheet

Assets
Current assets
Cash	27000
Account receivable	53500
Supplies	900
Total Current assets		81400
Property, plant and equipment
Office equipment	30500
Less: Accumulated depreciation	-6000
Net property, plant and equipment		24500
Total assets		105900
Liabilities and owner's equity
Current liabilities
Account payable	3300
Salaries payable	375
Total liabilities		3675
Owner's equity
Jayson Neese, capital		102225
Total liabilities and owner's equity		105900