Module 2 Problem Set

BE.04.03

EX.04.19

EX.04.04

EX.04.04.ALGO

BE.04.05

BE.03.01

EX.04.03.ALGO

BE.04.06

BE.03.02

BE.03.06

BE.03.06.ALGO

BE.03.10

EX.04.08

BE.04.02.ALGO

BE.04.04

BE.04.01

BE.03.04.BLANKSHEET.ALGO

EX.04.01

BE.04.02

EX.04.05.ALGO

EX.04.02

BE.03.08.ALGO

BE.03.06.BLANKSHEET.ALGO

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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

Question Content Area

Based on the preceding spreadsheet, prepare an income statement for Triton Consulting.

Triton Consulting Income Statement For the Year Ended April 30, 20Y3

Accounts receivableCashEquipmentFees earnedSuppliesFees earned		$Fees earned
Expenses:
Accounts payableCashOffice equipmentSalaries payableSalary expenseSalary expense	$Salary expense
Accounts receivableFees earnedSelling expenseSupplies expenseSuppliesSupplies expense	Supplies expense
Accumulated depreciationDepreciation expenseFees earnedOffice equipmentSuppliesDepreciation expense	Depreciation expense
Accounts payableAccumulated depreciationCashMiscellaneous expenseSelling expenseMiscellaneous expense	Miscellaneous expense
Total expenses		fill in the blank e69b0cfc0077f82_11
Net incomeNet lossNet income		$Net income

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Revenue and expense accounts flow into the income statement.

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Based on the preceding spreadsheet, prepare statement of stockholders equity for Triton Consulting. If no entry is required, leave the amount box blank or "0". If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.

Triton Consulting Statement of Stockholders Equity For the Year Ended April 30, 20Y3

blank	Common Stock	Retained Earnings	Total
Balances, May 1, 20Y2Balances, April 30, 20Y3CashNet incomeSuppliesBalances, May 1, 20Y2	$Balances, May 1, 20Y2	$Balances, May 1, 20Y2	$Balances, May 1, 20Y2
Accounts payableAccounts receivableIssued common stockNet incomeNet lossIssued common stock	Issued common stock	Issued common stock	Issued common stock
Accounts payableAccounts receivableCashNet incomeNet lossNet income	Net income	Net income	Net income
Accounts payableCashDividendsFees earnedOffice equipmentDividends	Dividends	Dividends	Dividends
Balances, May 1, 20Y2Balances, April 30, 20Y3Balances, April 30, 20Y3	$Balances, April 30, 20Y3	$Balances, April 30, 20Y3	$Balances, April 30, 20Y3

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The statement of stockholders' equity shows the beginning balances of common stock and retained earnings. The common stock balance will be increased by any stock issued during the period, and retained earnings will be increased by any net income and decreased by any net losses and dividends.

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Based on the preceding spreadsheet, prepare a balance sheet for Triton Consulting.

Triton Consulting Balance Sheet April 30, 20Y3

Assets
Current assets:
Accounts payableCashFees earnedOffice equipmentRetained earningsCash	$Cash
Accounts payableAccounts receivableFees earnedNet incomeSupplies expenseAccounts receivable	Accounts receivable
Accounts payableCashRetained earningsSupplies expenseSuppliesSupplies	Supplies
Total current assets		$fill in the blank 832c3cfd0fc9f87_7
Property, plant, and equipment:
Accounts payableDepreciation expenseOffice equipmentRetained earningsSuppliesOffice equipment	$Office equipment
Accounts payableAccumulated depreciationDepreciation expenseFees earnedIncome tax expenseAccumulated depreciation	Accumulated depreciation
Total property, plant, and equipment		fill in the blank 832c3cfd0fc9f87_12
Total assets		$fill in the blank 832c3cfd0fc9f87_13
Liabilities
Current liabilities:
Accounts payableAccounts receivableNet incomeOffice equipmentRetained earningsAccounts payable	$Accounts payable
CashFees earnedOffice equipmentSalaries payableSalary expenseSalaries payable	Salaries payable
Total liabilities		$fill in the blank 832c3cfd0fc9f87_18
Stockholders' Equity
Accounts payableCommon stockNet lossOffice equipmentSuppliesCommon stock	$Common stock
Accounts payableNet lossOffice equipmentRetained earningsSuppliesRetained earnings	Retained earnings
Total stockholders' equity		fill in the blank 832c3cfd0fc9f87_23
Total liabilities and stockholders' equity		$fill in the blank 832c3cfd0fc9f87_24

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Assets (including contra-assets, like Accumulated Depreciation), liabilities, and the retained earnings account flow into the balance sheet.

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Partially correct

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