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 Unadjusted Trial Balance Dr. Adjustments Trial Balance Account Title Dr. Cr. Cr. 9,750 23,210 2,460 18,570 9,750 23,210 390 18,570 Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Fees Earned Salary Expense Supplies Expense Depreciation Expense Miscellaneous Expense 2,070 3,810 6,270 300 7,800 15,870 2,580 1,230 6,270 300 7,800 15,870 3,020 3,020 43,290 43,290 300 2,070 1,230 16,940 17,240 2,070 1,230 1,860 77,340 1,860 75,810 75,810 3,600 3,600 77,340

Explanation / Answer

Income Statement Fees earned 43,290 Expenses: Salary expense 17,240 Supplies expense 2,070 Depreciation expense 1,230 Miscellaneous expense 1,860 total expenses 22,400 Net income 20,890 Retained earnings statement Retained earnings,Nov 1,2017 15,870 Net income 20,890 Dividedns 3,020 change in retained earnings 17,870 Retained earnings ,Oct 31,2018 33,740 Balance Sheet Assets Current assets Cash 9,750 Accounts receivable 23,210 Supplies 390 total current assets 33,350 Property,plant & Equipment office Equipment 18,570 Accumulated depreciation 3,810 total property,plant &Equipment 14,760 total assets 48,110 Liabilities Current liabilities Accounts payable 6,270 Salaries payable 300 Total liabilities 6,570 Stockholders Equity Common stock 7,800 Retained earnings 33,740 Total stockholders Equity 41,540 total liabilities & Stockholders Equity 48,110

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