Financial Statements from the End-of-Period Spreadsheet Triton Consulting is a c
ID: 2538985 • Letter: F
Question
Financial Statements from the End-of-Period Spreadsheet
Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 2018:
Unadjusted Trial Balance Dr. Adjusted Trial Balance Dr. Adjustments Account Title Cr. Dr. Cr. Cr. 15,020 35,750 3,790 28,960 15,020 35,750 610 28,960 Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends (a) 3,180 (b)1,890 5,860 9,650 460 12,000 24,470 3,970 9,650 (c)460 12,000 24,470 4,650 4,650 68,110 68,110 Fees Earne Salary Expense Supplies Expense Depreciation Expense Miscellaneous Expense (c)460 (a) 3,180 (b) 1,890 27,630 3,180 1,890 2,860 120,550 27,170 2,860 118,200 118,200 5,530 5,530 120,550Explanation / Answer
Triton Consulting
Triton Consulting
Income Statement
for the year ended April 30, 2018
Fees Earned
$68,110
Expenses:
Salary expense
$27,630
Supplies expense
$3,180
Depreciation expense
$1,890
Miscellaneous expense
$2,860
Total expenses
$35,560
Net Income
$32,550
Triton Consulting Retained Earnings Statement
for the year ended April 30, 2018
Retained earnings, March 1, 2017
$24,470
Net Income
$32,550
Dividends
($4,650)
Change in retained earnings
$27,900
Retained earnings, April 30, 2018
$52,370
Triton consulting
Balance Sheet
30-Apr-18
Assets
Current assets:
Cash
$15,020
Accounts Receivable
$35,750
Supplies
$610
Total Current Assets
$51,380
Property, plant and equipment:
Office Equipment
$28,960
Accumulated Depreciation
($5,860)
Total Property, plant and equipment
$23,100
Total Assets
$74,480
Liabilities
Current Liabilities:
Accounts Payable
$9,650
Salaries payable
$460
Total liabilities
$10,110
Stockholders' Equity
Common Stock
$12,000
Retained Earnings
$52,370
Total Stockholders' Equity
$64,370
Total liabilities and stockholders' equity
$74,480
Triton Consulting
Income Statement
for the year ended April 30, 2018
Fees Earned
$68,110
Expenses:
Salary expense
$27,630
Supplies expense
$3,180
Depreciation expense
$1,890
Miscellaneous expense
$2,860
Total expenses
$35,560
Net Income
$32,550
Triton Consulting Retained Earnings Statement
for the year ended April 30, 2018
Retained earnings, March 1, 2017
$24,470
Net Income
$32,550
Dividends
($4,650)
Change in retained earnings
$27,900
Retained earnings, April 30, 2018
$52,370
Triton consulting
Balance Sheet
30-Apr-18
Assets
Current assets:
Cash
$15,020
Accounts Receivable
$35,750
Supplies
$610
Total Current Assets
$51,380
Property, plant and equipment:
Office Equipment
$28,960
Accumulated Depreciation
($5,860)
Total Property, plant and equipment
$23,100
Total Assets
$74,480
Liabilities
Current Liabilities:
Accounts Payable
$9,650
Salaries payable
$460
Total liabilities
$10,110
Stockholders' Equity
Common Stock
$12,000
Retained Earnings
$52,370
Total Stockholders' Equity
$64,370
Total liabilities and stockholders' equity
$74,480
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