chapter 4 Ultimate writer
Cclegg00
cahpter_4_q1.docxElliptical 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, 2016:
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Elliptical Consulting |
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End-of-Period Spreadsheet |
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For the Year Ended June 30, 2016 |
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Unadjusted Trial Balance |
Adjustments |
Adjusted Trial Balance |
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Account Title |
Dr. |
Cr. |
Dr. |
Cr. |
Dr. |
Cr. |
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Cash |
25,900 |
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25,900 |
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Accounts Receivable |
54,200 |
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54,200 |
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Supplies |
3,400 |
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(a) 2,600 |
800 |
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Office Equipment |
30,000 |
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30,000 |
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Accumulated Depreciation |
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4,200 |
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(b) 1,400 |
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5,600 |
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Accounts Payable |
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3,700 |
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3,700 |
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Salaries Payable |
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(c) 305 |
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305 |
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Jayson Neese, Capital |
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91,800 |
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91,800 |
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Jayson Neese, Drawing |
3,500 |
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3,500 |
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Fees Earned |
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59,000 |
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59,000 |
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Salary Expense |
30,600 |
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(c) 305 |
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30,905 |
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Supplies Expense |
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(a) 2,600 |
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2,600 |
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Depreciation Expense |
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(b) 1,400 |
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1,400 |
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Miscellaneous Expense |
11,100 |
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11,100 |
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158,700 |
158,700 |
4,305 |
4,305 |
160,405 |
160,405 |
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Based on the preceding spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for Elliptical Consulting. Be sure to read the instructions for each financial statement carefully. |
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CHART OF ACCOUNTS |
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Elliptical Consulting |
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General Ledger |
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Current assets |
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Current liabilities |
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Expenses |
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For the Year Ended June 30, 2016 |
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June 30, 2016 |
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Property, plant, and equipment |
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Revenues |
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Add withdrawals |
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Decrease in owner’s equity |
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Increase in owner’s equity |
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Jayson Neese, capital, July 1, 2015 |
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Jayson Neese, capital, June 30, 2016 |
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Less withdrawals |
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Net income |
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Net loss |
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Total assets |
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Total current assets |
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Total expenses |
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Total liabilities |
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Total liabilities and owner’s equity |
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Total property, plant, and equipment |
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Total revenues |
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Prepare an income statement for the year ended June 30, 2016 for Elliptical 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.
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Elliptical Consulting |
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Income Statement |
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1 |
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2 |
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3 |
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4 |
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5 |
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6 |
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7 |
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8 |
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Prepare a statement of owner’s equity for the year ended June 30, 2016 for Elliptical Consulting. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owner’s equity, 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.
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Elliptical Consulting |
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Statement of Owner’s Equity |
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3 |
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5 |
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Prepare a balance sheet as of June 30, 2016 for Elliptical Consulting. 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.
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Elliptical Consulting |
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Balance Sheet |
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1 |
Assets |
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3 |
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4 |
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5 |
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6 |
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7 |
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8 |
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9 |
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10 |
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11 |
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12 |
Liabilities |
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13 |
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14 |
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15 |
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16 |
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17 |
Owner’s equity |
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18 |
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19 |
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