Financial Statements from the End-of-Period Spreadsheet

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:

During the year ended April 30, 20Y3, common stock of $4,000 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 14,160 14,160
Accounts Receivable 33,720 33,720
Supplies 3,570 3,000 570
Office Equipment 26,980 26,980
Accumulated Depreciation 3,740 1,790 5,530
Accounts Payable 9,100 9,100
Salaries Payable 440 440
Common Stock 11,000 11,000
Retained Earnings 23,390 23,390
Dividends 4,380 4,380
Fees Earned 62,900 62,900
Salary Expense 24,620 440 25,060
Supplies Expense 3,000 3,000
Depreciation Expense 1,790 1,790
Miscellaneous Expense 2,700 2,700
Total 110,130 110,130 5,230 5,230 112,360 112,360
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
Line Item Description Amount Amount

$- Select -
Expenses:

$- Select -

- Select -

- Select -

- Select -
Total expenses Total expenses

$- Select -
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.

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

Line Item Description Common
Stock Retained
Earnings

Total

$- Select -
$- Select -
$- Select -

- Select -
- Select -
- Select -

- Select -
- Select -
- Select -

- Select -
- Select -
- Select -

$- Select -
$- Select -
$- Select -
Question Content Area
Based on the preceding spreadsheet, prepare a balance sheet for Triton Consulting.

Triton Consulting
Balance Sheet
April 30, 20Y3
Line Item Description Amount Amount
Assets
Current assets:

$- Select -

- Select -

- Select -
Total current assets $Total current assets
Property, plant, and equipment:

$- Select -

- Select -
Total property, plant, and equipment Total property, plant, and equipment
Total assets $Total assets
Liabilities
Current liabilities:

$- Select -

- Select -
Total liabilities $Total liabilities
Stockholders' Equity

$- Select -

- Select -
Total stockholders' equity Total stockholders' equity
Total liabilities and stockholders' equity $Total liabilities and stockholders' equity
Check My Work
Previous

Answer 1

Here are the completed financial statements for Triton Consulting based on the provided end-of-period spreadsheet.

Triton Consulting

Income Statement

For the Year Ended April 30, 20Y3

| Line Item Description | Amount | |---------------------------|-----------| | Revenues | | | Fees Earned | $62,900 | | Total revenues | $62,900 | | | | | Expenses: | | | Salary Expense | $25,060 | | Supplies Expense | $3,000 | | Depreciation Expense | $1,790 | | Miscellaneous Expense | $2,700 | | Total expenses | $32,550 | | | | | Net Income | $30,350 |

Triton Consulting

Statement of Stockholders’ Equity

For the Year Ended April 30, 20Y3

| Line Item Description | Common Stock | Retained Earnings | Total | |-----------------------------|---------------|-------------------|--------------| | Beginning Balance | $11,000 | $23,390 | $34,390 | | Add: Issued Common Stock | $4,000 | | $4,000 | | Add: Net Income | | $30,350 | $30,350 | | Less: Dividends | | ($4,380) | ($4,380) | | Ending Balance | $15,000 | $49,360 | $64,360 |

Triton Consulting

Balance Sheet

April 30, 20Y3

| Line Item Description | Amount | |-------------------------------------|--------------| | Assets | | | Current assets: | | | Cash | $14,160 | | Accounts Receivable | $33,720 | | Supplies | $570 | | Total current assets | $48,450 | | | | | Property, plant, and equipment: | | | Office Equipment | $26,980 | | Less: Accumulated Depreciation | ($5,530) | | Total property, plant, and equipment| $21,450 | | | | | Total assets | $69,900 | | | | | Liabilities | | | Current liabilities: | | | Accounts Payable | $9,100 | | Salaries Payable | $440 | | Total liabilities | $9,540 | | | | | Stockholders' Equity | | | Common Stock | $15,000 | | Retained Earnings | $49,360 | | Total stockholders' equity | $64,360 | | | | | Total liabilities and stockholders' equity | $69,900 |

These financial statements summarize the financial performance and position of Triton Consulting for the year ended April 30, 20Y3.