Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. T

Question

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, 2016:

Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 27,000 27,000 Accounts Receivable 53,500 53,500 Supplies 3,000 (a) 2,100 900 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 Common Stock 30,000 30,000 Retained Earnings 52,200 52,200 Dividends 2,000 2,000 Fees Earned 60,000 60,000 Salary Expense 32,000 (c) 375 32,375 Supplies Expense (a) 2,100 2,100 Depreciation Expense (b) 1,500 1,500 Miscellaneous Expense 2,000 2,000 150,000 150,000 3,975 3,975 151,875 151,875

Explanation / Answer

Income statement Revenue Fees earned 60,000 less: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 Retained earnings opening balance 52,200 Add:Net income for the year 22,025 74,225 less:dividends 2,000 closing balance of retained earnings 72,225 Balance Sheet Assets Cash 27,000 Accounts receivable 53,500 Supplies 900 total current assets 81,400 PP&E office Equipment 30,500 less:Accumulated Depreciation 6,000 24,500 total Assets 105,900 Liabilities & Stockholder's Equity Accounts payable 3,300 Salaries payable 375 total liabilities 3,675 Stockholder's Equity common Stock 30,000 Retained earnings 72,225 total stockholders Equity 102,225 total liabilities & Stockholder's Equity 105,900

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.