Financial Statements from the End-of-Period Spreadsheet Elliptical Consulting is

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, 2019 Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title r. Cr. Dr. Cr Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Jayson Neese, Capital Jayson Neese, Drawing Fees Earned Salary Expense Supplies Expense Depreciation Expense Miscellaneous Expense 27,000 53,500 3,000 30,500 27,000 53,500 900 30,500 (a) 2,100 4,500 (b) 1,500 6,000 3,300 375 82,200 3,300 (c) 375 82,200 2,000 2,000 60,000 60,000 32,000 (c) 375 (a) 2,100 (b) 1,500 32,375 2,100 1,500 2,000 151,875 2,000 150,000 150,000 3,975 3,975 151,875

Explanation / Answer

Income Statement Fees Earned 60,000 Expenses: Salary expense 32,375 Supplies expense 2,100 Depreciation expense 1,500 Miscellaneous expense 2,000 total expense 37,975 Net income 22,025 Statement of owner's Equity opening capital 82,200 net income 22,025 Drawings 2,000 20,025 Closing owners equity 102,225 Balance Sheet Assets Current assets Cash 27,000 Account Receivable 53,500 Supplies 900 Total current assets 81,400 Property,plant & Equipment office Equipment 30,500 less:Accumulated depreciation -6,000 total property,plant and Equipment 24,500 Total Assets 105,900 Liabilities Current liabilities: Accounts payable 3,300 Salaries payable 375 Total liabilities 3,675        Owner's Equity Jayson ,Neese capital 102,225 total liabilities and owner's Equity 105,900

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