Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting.
Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 68BPSB
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Financial Statements from the End-of-Period Spreadsheet
Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 2019:
Bamboo Consulting | ||||||||
End-of-Period Spreadsheet | ||||||||
For the Year Ended July 31, 2019 | ||||||||
Unadjusted | Adjusted | |||||||
Adjustments | Trial Balance | |||||||
Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | ||
Cash | 58,000 | 58,000 | ||||||
106,200 | 106,200 | |||||||
Supplies | 11,900 | (a) | 7,500 | 4,400 | ||||
Office Equipment | 515,000 | 515,000 | ||||||
Accumulated Depreciation | 28,000 | (b) | 5,600 | 33,600 | ||||
Accounts Payable | 20,500 | 20,500 | ||||||
Salaries Payable | (c) | 2,500 | 2,500 | |||||
Lisa Gooch, Capital | 516,700 | 516,700 | ||||||
Lisa Gooch, Drawing | 25,000 | 25,000 | ||||||
Fees Earned | 348,500 | 348,500 | ||||||
Salary Expense | 186,500 | (c) | 2,500 | 189,000 | ||||
Supplies Expense | (a) | 7,500 | 7,500 | |||||
Depreciation Expense | (b) | 5,600 | 5,600 | |||||
Miscellaneous Expense | 11,100 | 11,100 | ||||||
913,700 | 913,700 | 15,600 | 15,600 | 921,800 | 921,800 |
Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting.
Bamboo Consulting | ||
Income Statement | ||
For the Year Ended July 31, 2019 | ||
$fill in the blank 68c31a02c017f88_2 | ||
Expenses: | ||
$fill in the blank 68c31a02c017f88_4 | ||
fill in the blank 68c31a02c017f88_6 | ||
fill in the blank 68c31a02c017f88_8 | ||
fill in the blank 68c31a02c017f88_10 | ||
Total expenses | fill in the blank 68c31a02c017f88_11 | |
$fill in the blank 68c31a02c017f88_13 |
Based on the preceding spreadsheet, prepare a statement of owner's equity for Bamboo Consulting.
Bamboo Consulting | ||
Statement of Owner's Equity | ||
For the Year Ended July 31, 2019 | ||
$fill in the blank 3f192c08704e00f_2 | ||
$fill in the blank 3f192c08704e00f_4 | ||
fill in the blank 3f192c08704e00f_6 | ||
fill in the blank 3f192c08704e00f_8 | ||
$fill in the blank 3f192c08704e00f_10 |
Based on the preceding spreadsheet, prepare a
Bamboo Consulting | ||
Balance Sheet | ||
July 31, 2019 | ||
Assets | ||
Current assets: | ||
$fill in the blank 822ee201e07901f_2 | ||
fill in the blank 822ee201e07901f_4 | ||
fill in the blank 822ee201e07901f_6 | ||
Total current assets | $fill in the blank 822ee201e07901f_7 | |
Property, plant, and equipment: | ||
$fill in the blank 822ee201e07901f_9 | ||
fill in the blank 822ee201e07901f_11 | ||
Total property, plant, and equipment | fill in the blank 822ee201e07901f_12 | |
Total assets | $fill in the blank 822ee201e07901f_13 | |
Liabilities | ||
Current liabilities: | ||
$fill in the blank 822ee201e07901f_15 | ||
fill in the blank 822ee201e07901f_17 | ||
Total liabilities | $fill in the blank 822ee201e07901f_18 | |
Owner's Equity | ||
fill in the blank 822ee201e07901f_20 | ||
Total liabilities and owner's equity | $fill in the blank 822ee201e07901f_21 |
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