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, 20Y3:
During the year ended April 30, 20Y3, common stock of $5,000 was issued.
Triton Consulting
End-of-Period Spreadsheet
For the Year Ended April 30, 20Y3
Unadjusted Adjusted
Trial Balance Adjustments Trial Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash 21,500 21,500
Accounts Receivable 51,150 51,150
Supplies 2,400 1,650 750
Office Equipment 32,000 32,000
Accumulated Depreciation 4,500 900 5,400
Accounts Payable 3,350 3,350
Salaries Payable 2,000 2,000
Common Stock 20,000 20,000
Retained Earnings 52,200 52,200
Dividends 10,000 10,000
Fees Earned 279,000 279,000
Salary Expense 240,000 2,000 242,000
Supplies Expense 1,650 1,650
Depreciation Expense 900 900
Miscellaneous Expense 2,000 2,000
359,050 359,050 4,550 4,550 361,950 361,950
Based on the preceding spreadsheet, prepare an income statement for Triton Consulting.
Triton Consulting Income Statement For the Year Ended April 30, 20Y3 Fees earned Expenses: Salary expense Supplies expense Depreciation expense v Miscellaneous expense / Total expenses Net income / Triton Consulting Balance Sheet April 30, 20Y3 Assets Current assets: Cash $4 Accounts receivable v Supplies Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: $ Total liabilities Stockholders' Equity $4 Total stockholders' equity Total liabilities and stockholders' equity