4. EX.04-03.ALGO Financial Statements from the End-of-Period Spreadsheet Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 2019: Bamboo Consulting End-of-Period Spreadsheet For the Year Ended July 31, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 8,850 8,850 Accounts Receivable 21,080 21,080 Supplies 2,230 (a) 1,880 350 Office Equipment 17,290 17,290 Accumulated Depreciation 2,340 (b) 1,120 3,460 Accounts Payable 5,690 5,690 Salaries Payable (c) 270 270 Lisa Gooch, Capital 21,500 21,500 Lisa Gooch, Drawing 2,740 2,740 Fees Earned 40,160 40,160 Salary Expense 15,810 (c) 270 16,080 Supplies Expense (a) 1,880 1,880 Depreciation Expense (b) 1,120 1,120 Miscellaneous Expense 1,690 1,690 69,690 69,690 3,270 3,270 71,080 71,080 Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting. Bamboo Consulting Income Statement For the Year Ended July 31, 2019 $fill in the blank ebbb5df63f82ff3_2 Expenses: $fill in the blank ebbb5df63f82ff3_4 fill in the blank ebbb5df63f82ff3_6 fill in the blank ebbb5df63f82ff3_8 fill in the blank ebbb5df63f82ff3_10 Total expenses fill in the blank ebbb5df63f82ff3_11 $fill in the blank ebbb5df63f82ff3_13 Based on the preceding spreadsheet, prepare a statement of owner's equity for Bamboo Consulting. Bamboo Consulting Statement of Owner's Equity For the Year Ended July 31, 2019 $fill in the blank 74a48c014fd1f95_2 $fill in the blank 74a48c014fd1f95_4 fill in the blank 74a48c014fd1f95_6 fill in the blank 74a48c014fd1f95_8 $fill in the blank 74a48c014fd1f95_10 Based on the preceding spreadsheet, prepare a balance sheet for Bamboo Consulting. Bamboo Consulting Balance Sheet July 31, 2019 Assets Current assets: $fill in the blank 97a01f02efa7ff1_2 fill in the blank 97a01f02efa7ff1_4 fill in the blank 97a01f02efa7ff1_6 Total current assets $fill in the blank 97a01f02efa7ff1_7 Property, plant, and equipment: $fill in the blank 97a01f02efa7ff1_9 fill in the blank 97a01f02efa7ff1_11 Total property, plant, and equipment fill in the blank 97a01f02efa7ff1_12 Total assets $fill in the blank 97a01f02efa7ff1_13 Liabilities Current liabilities: $fill in the blank 97a01f02efa7ff1_15 fill in the blank 97a01f02efa7ff1_17 Total liabilities $fill in the blank 97a01f02efa7ff1_18 Owner's Equity fill in the blank 97a01f02efa7ff1_20 Total liabilities and owner's equity $fill in the blank 97a01f02efa7ff1_21
4. EX.04-03.ALGO Financial Statements from the End-of-Period Spreadsheet Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 2019: Bamboo Consulting End-of-Period Spreadsheet For the Year Ended July 31, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 8,850 8,850 Accounts Receivable 21,080 21,080 Supplies 2,230 (a) 1,880 350 Office Equipment 17,290 17,290 Accumulated Depreciation 2,340 (b) 1,120 3,460 Accounts Payable 5,690 5,690 Salaries Payable (c) 270 270 Lisa Gooch, Capital 21,500 21,500 Lisa Gooch, Drawing 2,740 2,740 Fees Earned 40,160 40,160 Salary Expense 15,810 (c) 270 16,080 Supplies Expense (a) 1,880 1,880 Depreciation Expense (b) 1,120 1,120 Miscellaneous Expense 1,690 1,690 69,690 69,690 3,270 3,270 71,080 71,080 Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting. Bamboo Consulting Income Statement For the Year Ended July 31, 2019 $fill in the blank ebbb5df63f82ff3_2 Expenses: $fill in the blank ebbb5df63f82ff3_4 fill in the blank ebbb5df63f82ff3_6 fill in the blank ebbb5df63f82ff3_8 fill in the blank ebbb5df63f82ff3_10 Total expenses fill in the blank ebbb5df63f82ff3_11 $fill in the blank ebbb5df63f82ff3_13 Based on the preceding spreadsheet, prepare a statement of owner's equity for Bamboo Consulting. Bamboo Consulting Statement of Owner's Equity For the Year Ended July 31, 2019 $fill in the blank 74a48c014fd1f95_2 $fill in the blank 74a48c014fd1f95_4 fill in the blank 74a48c014fd1f95_6 fill in the blank 74a48c014fd1f95_8 $fill in the blank 74a48c014fd1f95_10 Based on the preceding spreadsheet, prepare a balance sheet for Bamboo Consulting. Bamboo Consulting Balance Sheet July 31, 2019 Assets Current assets: $fill in the blank 97a01f02efa7ff1_2 fill in the blank 97a01f02efa7ff1_4 fill in the blank 97a01f02efa7ff1_6 Total current assets $fill in the blank 97a01f02efa7ff1_7 Property, plant, and equipment: $fill in the blank 97a01f02efa7ff1_9 fill in the blank 97a01f02efa7ff1_11 Total property, plant, and equipment fill in the blank 97a01f02efa7ff1_12 Total assets $fill in the blank 97a01f02efa7ff1_13 Liabilities Current liabilities: $fill in the blank 97a01f02efa7ff1_15 fill in the blank 97a01f02efa7ff1_17 Total liabilities $fill in the blank 97a01f02efa7ff1_18 Owner's Equity fill in the blank 97a01f02efa7ff1_20 Total liabilities and owner's equity $fill in the blank 97a01f02efa7ff1_21
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4. EX.04-03.ALGO
Financial Statements from the End-of-Period Spreadsheet
Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 2019:
| Bamboo Consulting | ||||||||
| End-of-Period Spreadsheet | ||||||||
| For the Year Ended July 31, 2019 | ||||||||
| Unadjusted | Adjusted | |||||||
| Adjustments | Trial Balance | |||||||
| Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | ||
| Cash | 8,850 | 8,850 | ||||||
| 21,080 | 21,080 | |||||||
| Supplies | 2,230 | (a) | 1,880 | 350 | ||||
| Office Equipment | 17,290 | 17,290 | ||||||
| 2,340 | (b) | 1,120 | 3,460 | |||||
| Accounts Payable | 5,690 | 5,690 | ||||||
| Salaries Payable | (c) | 270 | 270 | |||||
| Lisa Gooch, Capital | 21,500 | 21,500 | ||||||
| Lisa Gooch, Drawing | 2,740 | 2,740 | ||||||
| Fees Earned | 40,160 | 40,160 | ||||||
| Salary Expense | 15,810 | (c) | 270 | 16,080 | ||||
| Supplies Expense | (a) | 1,880 | 1,880 | |||||
| Depreciation Expense | (b) | 1,120 | 1,120 | |||||
| Miscellaneous Expense | 1,690 | 1,690 | ||||||
| 69,690 | 69,690 | 3,270 | 3,270 | 71,080 | 71,080 |
Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting.
| Bamboo Consulting | ||
| Income Statement | ||
| For the Year Ended July 31, 2019 | ||
| $fill in the blank ebbb5df63f82ff3_2 | ||
| Expenses: | ||
| $fill in the blank ebbb5df63f82ff3_4 | ||
| fill in the blank ebbb5df63f82ff3_6 | ||
| fill in the blank ebbb5df63f82ff3_8 | ||
| fill in the blank ebbb5df63f82ff3_10 | ||
| Total expenses | fill in the blank ebbb5df63f82ff3_11 | |
| $fill in the blank ebbb5df63f82ff3_13 |
Based on the preceding spreadsheet, prepare a statement of owner's equity for Bamboo Consulting.
| Bamboo Consulting | ||
| Statement of Owner's Equity | ||
| For the Year Ended July 31, 2019 | ||
| $fill in the blank 74a48c014fd1f95_2 | ||
| $fill in the blank 74a48c014fd1f95_4 | ||
| fill in the blank 74a48c014fd1f95_6 | ||
| fill in the blank 74a48c014fd1f95_8 | ||
| $fill in the blank 74a48c014fd1f95_10 |
Based on the preceding spreadsheet, prepare a
| Bamboo Consulting | ||
| Balance Sheet | ||
| July 31, 2019 | ||
| Assets | ||
| Current assets: | ||
| $fill in the blank 97a01f02efa7ff1_2 | ||
| fill in the blank 97a01f02efa7ff1_4 | ||
| fill in the blank 97a01f02efa7ff1_6 | ||
| Total current assets | $fill in the blank 97a01f02efa7ff1_7 | |
| Property, plant, and equipment: | ||
| $fill in the blank 97a01f02efa7ff1_9 | ||
| fill in the blank 97a01f02efa7ff1_11 | ||
| Total property, plant, and equipment | fill in the blank 97a01f02efa7ff1_12 | |
| Total assets | $fill in the blank 97a01f02efa7ff1_13 | |
| Liabilities | ||
| Current liabilities: | ||
| $fill in the blank 97a01f02efa7ff1_15 | ||
| fill in the blank 97a01f02efa7ff1_17 | ||
| Total liabilities | $fill in the blank 97a01f02efa7ff1_18 | |
| Owner's Equity | ||
| fill in the blank 97a01f02efa7ff1_20 | ||
| Total liabilities and owner's equity | $fill in the blank 97a01f02efa7ff1_21 |
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