Ask a New Question
Menu

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
Account Title Unadjusted
Trial Balance
Dr. Unadjusted
Trial Balance
Cr. Adjustments
Dr. Adjustments
Cr. Adjusted
Trial Balance
Dr. Adjusted
Trial Balance
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
Total 359,050 359,050 4,550 4,550 361,950 361,950

Question Content Area
Based on the preceding spreadsheet, prepare an income statement, statement of stockholders equity and balance sheet for Triton Consulting.

1 answer

Sure! Based on the provided end-of-period spreadsheet, we can prepare the financial statements for Triton Consulting: the Income Statement, Statement of Stockholders' Equity, and the Balance Sheet.

Triton Consulting

Income Statement

For the Year Ended April 30, 20Y3

| Revenues | | |-----------------------------------|----------| | Fees Earned | $279,000 | | Total Revenues | $279,000 |

| Expenses | | |-----------------------------------|----------| | Salary Expense | $242,000 | | Supplies Expense | $1,650 | | Depreciation Expense | $900 | | Miscellaneous Expense | $2,000 | | Total Expenses | $247,550 |

| Net Income | $31,450 |

Triton Consulting

Statement of Stockholders' Equity

For the Year Ended April 30, 20Y3

| Components | Amount | |-----------------------------------|------------| | Common Stock | $20,000 | | Add: Issued Stock | $5,000 | | Total Common Stock | $25,000 | | Retained Earnings, Beginning Balance | $52,200 | | Add: Net Income | $31,450 | | Less: Dividends | $10,000 | | Retained Earnings, Ending Balance | $73,650 | | Total Stockholders' Equity | $98,650 |

Triton Consulting

Balance Sheet

As of April 30, 20Y3

| Assets | | |----------------------------------|----------| | Current Assets: | | | Cash | $21,500 | | Accounts Receivable | $51,150 | | Supplies | $750 | | Total Current Assets | $73,400 |

| Non-Current Assets: | | | Office Equipment | $32,000 | | Less: Accumulated Depreciation | ($5,400) | | Total Non-Current Assets | $26,600 |

| Total Assets | $100,000 |

| Liabilities | | | Accounts Payable | $3,350 | | Salaries Payable | $2,000 | | Total Liabilities | $5,350 |

| Stockholders' Equity | | | Common Stock | $25,000 | | Retained Earnings | $73,650 | | Total Stockholders' Equity | $98,650 |

| Total Liabilities and Equity | $100,000 |

Summary:

  • Net Income for the year is $31,450.
  • Total Stockholders' Equity at year-end is $98,650.
  • Total Assets equal Total Liabilities and Equity, confirming our balance sheet balances at $100,000.

These formatted financial statements portray the financial position and performance of Triton Consulting for the specified period.