Question Content Area Comprehensive Problem 1 Part 8: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional.

Prepare an income statement. Kelly Consulting Income Statement For the Month Ended May 31, 20Y8

Line Item Description Amount Amount $fill in the blank 2 Expenses:

$fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 fill in the blank 16 $fill in the blank 18 Prepare a statement of owners equity.

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.

Kelly Consulting Statement of Owners Equity For the Month Ended May 31, 20Y8 Line Item Description Amount $fill in the blank 20 fill in the blank 22 fill in the blank 24 $fill in the blank 26 Prepare a balance sheet.

Kelly Consulting Balance Sheet May 31, 20Y8 Line Item Description Amount Amount Assets Current assets: $fill in the blank 28 fill in the blank 30 fill in the blank 32 fill in the blank 34 fill in the blank 36 Total current assets $fill in the blank 37 Property, plant, and equipment: $fill in the blank 39 fill in the blank 41 Total property, plant, and equipment fill in the blank 42 Total assets $fill in the blank 43 Liabilities Current liabilities: $fill in the blank 45 fill in the blank 47 fill in the blank 49 Total liabilities $fill in the blank 50 Owners Equity fill in the blank 52 Total liabilities and owners equity $fill in the blank 53