Financial Statements from the End-of-Period Spreadsheet Taser Consulting is a co

Question

Financial Statements from the End-of-Period Spreadsheet Taser Consulting is a consulting firm owned and operated by Annamarie Phipps. The following end-of-period spreadsheet was prepared for the year ended October 31, 2018 Taser Consulting End-of-Period Spreadsheet For the Year Ended October 31, 2018 Adjusted Trial Balance Dr. Trial Balance Adjustments Account Title Dr Cr Dr Cr Cr. 11,210 26,700 450 21,630 Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends 11,210 26,700 2,830 21,630 2,380 2,960 4,380 7,210 350 9,000 18,230 1,420 7,210 350 9,000 18,230 3,470 3,470

Explanation / Answer

Income Statement Revenue Fees earned 50,610 Salary expense 20380 Supplies expense 2,380 Depreciation expense 1420 Miscellaneous expense 2140 Total expense 26,320 Net income 24,290 Statement of retained earnings Beginning retained earnings 18230 Add: net income 24,290 Less: Dividend -3470 Ending retained earnings 39050 Balance Sheet Assets Current assets Cash 11210 Account receivable 26700 Supplies 450 Total current assets 38360 Non current assets Office equipment 21630 Less; Accumlated dep -4380 Total non current assets 17250 Total assets 55610 Liabilities and stockholder's equity Current liabilities Account payable 7210 Salary payable 350 Total current liabilities 7560 Long term liabilities Total liabilities 7560 Stockholder's equity Common Stock 9000 Retained earnings 39050 Total Stockholder's equity 48050 Total liabilities & Stockholder's equity 55610 Balance Sheet of Dynamic Weight November 30 2016 Description Amount Amount Current Assets Accounts Receivable 23040 Cash (bal. fig) 10130 Supplies 570 Prepaid Insurance 5350 Prepaid Rent 3350 42440 Property Plant and Equipment Land 111000 Equipment 83170 Accumulated Depreciation -28780 165390 Total Assets 207830 Liabilities and Stockholder's Equity Current Liabilitiees Accounts Payable 9560 Salaries payable 3730 Unearned Fees' 2770 16060 Stockholders equity Common Stock 180000 Retained Earnings 11770 191770 Total liabilities 207830

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