Question: 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:
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 $4,000 was issued.
| Account Title | Unadjusted Trial Balance Dr. | Unadjusted Trial Balance Cr. | Adjustments Dr. | Adjustments Cr. | Adjusted Trial Balance Dr. | Adjusted Trial Balance Cr. |
|---|---|---|---|---|---|---|
| Cash | 14,980 | 14,980 | ||||
| Accounts Receivable | 35,660 | 35,660 | ||||
| Supplies | 3,780 | 3,170 | 610 | |||
| Office Equipment | 28,530 | 28,530 | ||||
| Accumulated Depreciation | 3,960 | 1,890 | 5,850 | |||
| Accounts Payable | 9,630 | 9,630 | ||||
| Salaries Payable | 460 | 460 | ||||
| Common Stock | 12,000 | 12,000 | ||||
| Retained Earnings | 24,370 | 24,370 | ||||
| Dividends | 4,640 | 4,640 | ||||
| Fees Earned | 67,230 | 67,230 | ||||
| Salary Expense | 26,750 | 460 | 27,210 | |||
| Supplies Expense | 3,170 | 3,170 | ||||
| Depreciation Expense | 1,890 | 1,890 | ||||
| Miscellaneous Expense | 2,850 | 2,850 | ||||
| Total | 117,190 | 117,190 | 5,520 | 5,520 | 119,540 | 119,540 |
Question Content Area
Based on the preceding spreadsheet, prepare an income statement for Triton Consulting.
| Line Item Description | Amount | Amount |
|---|---|---|
| Fees earned | $Fees earned | |
| Expenses: | ||
| Salary expense | $Salary expense | |
| Supplies expense | Supplies expense | |
| Depreciation expense | Depreciation expense | |
| Miscellaneous expense | Miscellaneous expense | |
| Total expenses | Total expenses | |
| Net income | $Net income |
Question Content Area
Based on the preceding spreadsheet, prepare a statement of stockholders' equity for Triton Consulting. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.
| Line Item Description | Common Stock | Retained Earnings | Total |
|---|---|---|---|
| Balances, May 1, 20Y2 | |||
| Issued common stock | |||
| Net income | |||
| Dividends | |||
| Balances, April 30, 20Y3 |
Feedback Area
Question Content Area
Based on the preceding spreadsheet, prepare a balance sheet for Triton Consulting.
| Line Item Description | Amount | Amount |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash | $Cash | |
| Accounts receivable | Accounts receivable | |
| Supplies | Supplies | |
| Total current assets | $Total current assets | |
| Property, plant, and equipment: | ||
| Office equipment | $Office equipment | |
| Accumulated depreciation | Accumulated depreciation | |
| Total property, plant, and equipment | Total property, plant, and equipment | |
| Total assets | $Total assets | |
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable | $Accounts payable | |
| Salaries payable | Salaries payable | |
| Total liabilities | $Total liabilities | |
| Stockholders' Equity | ||
| Common stock | $Common stock | |
| Retained earnings | Retained earnings | |
| Total stockholders' equity | Total stockholders' equity | |
| Total liabilities and stockholders' equity |
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