Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. T
ID: 2468210 • Letter: E
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:
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.
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 27,600 27,600 Accounts Receivable 52,000 52,000 Supplies 3,500 (a) 2,100 1,400 Office Equipment 32,000 32,000 Accumulated Depreciation 4,200 (b) 1,200 5,400 Accounts Payable 3,200 3,200 Salaries Payable (c) 460 460 Jayson Neese, Capital 100,900 100,900 Jayson Neese, Drawing 3,500 3,500 Fees Earned 55,000 55,000 Salary Expense 33,300 (c) 460 33,760 Supplies Expense (a) 2,100 2,100 Depreciation Expense (b) 1,200 1,200 Miscellaneous Expense 11,400 11,400 163,300 163,300 3,760 3,760 164,960 164,960Explanation / Answer
BALANCE SHEET ON DATE
Liabilities
Amount
Assets
Amount
Cash
27,600
Accounts payable
3200
Accounts Receivables
52,000
Salaries payable
460
Office equipment 32000
Less depreciation 5400
26,600
Capital 100,900
Supplies
1,400
Less Drawings 3500
97,400
Less net losses
6,540
101,060
101,060
ELLIPTICAL SYSTEMS
INCOME STATEMENTS FOR THE YEAR
Particulars
Amount
Particulars
Amount
To supply expense
2,100
Fees earned
55,000
To Salary expense
33,760
By gross loss
6540
To Miscellaneous expense
11,400
To depreciation expense
1,200
48,460
48,460
Liabilities
Amount
Assets
Amount
Cash
27,600
Accounts payable
3200
Accounts Receivables
52,000
Salaries payable
460
Office equipment 32000
Less depreciation 5400
26,600
Capital 100,900
Supplies
1,400
Less Drawings 3500
97,400
Less net losses
6,540
101,060
101,060
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.