EX 44 Financial statements from the end-of-period sprmadsheet obj. 1,2 Triton Co

Question

EX 44 Financial statements from the end-of-period sprmadsheet obj. 1,2 Triton Consulting is a consulting firm owned and operued by Jayson Neese. The following w end-of-period spreadsheet was prepared for the year ended April 30, 2018: Triton Consulting End-of-Period Spreadsheet Fer th heli tnded Apr! 30 2018 Adjusted Unadjusted Trial BalanceAdjustments Dr Trial Balance Dr 6 Account Title Dr. Cr Cr Cash 21,500 51.150 Accounts Receivabie51,150 2,400 1650 750 omoe Equpment -is 32,000 0082,.000 5400 4,500 13 Accounts Payable 14 Salaries Payable 15 Common Stock 16 Retained Earnings 17 Dividends 18 Fees Earned 19. Salary Expense 3,390 3.350 2000 20.000 52.200 20,000 52 200 10,000 10.000 242 000 900 279 279,000 240.000160165 2.000 1,650 Supplies Expense 21 Depreciaton Expense 23 24 2000 359 050. 359050: 4550. 4550.1 9.50 361 950 Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Triton Consulting.

Explanation / Answer

a) Income statement

Fees earned 279000

Salary Expenses (242000)

Supplies Exp. (1650)

Depreciation Exp. (900)

Misc. Exp. (2000)

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Net Income 32450

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b) Retained Earnings

Retained Earnings 52200

Net Income 32450

Dividends (10000)

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Retained Earnings 74650

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C) BAlance Sheet

Liabilities Assets

Account Payable 3350 Cash 21500

Salaries Payable 2000 Account Receivable 51150

Common Stock 20000 Supplies 750

Retained Earnings 74650 Office Equipment 32000

Accumulated Depreciation (5400)

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100000 100000

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