Financial Statements from the End-of-Period SpreadsheetTriton 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:Triton ConsultingEnd-of-Period SpreadsheetFor the Year Ended April 30, 20Y3UnadjustedAdjustedTrial BalanceAdjustmentsTrial BalanceAccount TitleDr.Cr.Dr.Cr.Dr.Cr.Cash16,09016,090Accounts Receivable38,30038,300Supplies4,0603,410650Office Equipment31,02031,020Accumulated Depreciation4,2502,0306,280Accounts Payable10,34010,340Salaries Payable500500Common Stock13,00013,000Retained Eamings26,07026,070Dividends4,9804,980Fees Earned72,19072,190Salary Expense28,34050028,840Supplies Expense3,4103,410Depreciation Expense2,0302,030Miscellaneous Expense3,0603,060125,850125,8505,9405,940128,380128,380Based on the preceding spreadsheet, prepare an income statement for Triton Consulting.Triton ConsultingIncome StatementFor the Year Ended April 30, 20Y3Fees earned v72,190Expenses:Salary expense v28,840Supplies expense3,410Depreciation expense2,030Miscellaneous expense3,060Total expenses37,340VNet income v34.850 Based on the preceding spreadshoet, prepare a statement of stockholders equity for Tritan Consulting. During the year ended April 30, 20Y3, commmon stock of s4,000 mas issued. If an amount box does not reguire an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minui sign.Triton ConsultingStatement of Stockholders' EquityFor the Year Ended April 30, 20YSCommon Stock Retained EarningsTotalBalances, May 1, 20Y2Issued commen stock v4.0004,000 VNet income v34,S0Dividends vBalances, April 30, 20Y3FeadtTCheMyWarkThe 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 periad, and retained eanings will be increased by any net income and decreased by any net losses and dividends.Based on the preceding spreadsheet, prepare a balance sheet for Triton ConsultingTriton ConsultingBalance SheetApril 30, 20Y3AssetsCurrent assets:Cash16.00Accounts receivableJ00SuppliesTotal current asetsd 55.040Property, plant, and equipment:Office equipmant31,020Accumulated depreciationTotal property, plant, and equipment24,740Total assets78,70LiabiitieCurrent liabilities:Accounts payable vS10,140 vSalaries payableso0VTotal kabiltiesStockholders' Equity13.000Common stockRetained earningsTotal stockholders equityTotal habilities and stockholders' equity

Stockholder's equity shows the excess amount of assets over liabilities during an accounting year.…

Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 16,090 16,090 Accounts Receivable 38,300 38,300 Supplies 4,060 3,410 650 Office Equipment 31,020 31,020 Accumulated Depreciation 4,250 2,030 6,280 Accounts Payable 10,340 10,340 Salaries Payable 500 500 Common Stock 13,000 13,000 Retained Eamings 26,070 26,070 Dividends 4,980 4,980 Fees Earned 72,190 72,190 Salary Expense 28,340 500 28,840 Supplies Expense 3,410 3,410 Depreciation Expense 2,030 2,030 Miscellaneous Expense 3,060 3,060 125,850 125,850 5,940 5,940 128,380 128,380

Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 16,090 16,090 Accounts Receivable 38,300 38,300 Supplies 4,060 3,410 650 Office Equipment 31,020 31,020 Accumulated Depreciation 4,250 2,030 6,280 Accounts Payable 10,340 10,340 Salaries Payable 500 500 Common Stock 13,000 13,000 Retained Eamings 26,070 26,070 Dividends 4,980 4,980 Fees Earned 72,190 72,190 Salary Expense 28,340 500 28,840 Supplies Expense 3,410 3,410 Depreciation Expense 2,030 2,030 Miscellaneous Expense 3,060 3,060 125,850 125,850 5,940 5,940 128,380 128,380

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 5-3A Record transactions related to accounts receivable (LO5-3, 5-4, 5-5) [The following information applies to the questions displayed below.]The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $41,000. September 17, 2021 Receive $25,000 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2022 Provide services to customers on account for $56,000. May 20, 2022 Receive $10,000 from customers for services provided in 2021. July 2, 2022 Write off the remaining amounts owed from services provided in 2021. October 19, 2022 Receive $45,000 from customers for services provided in 2022. December 31, 2022 Estimate that 45% of accounts receivable at the end of the year will not be received. Problem 5-3A…
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Trial Balance to be correced Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,000 Supplies Inventory 10,000 Tools 5,000 Shop Equipment 30,000 Accounts Payable 5,000 Notes Payable E. Dedumo, Capital E. Dedumo, Withdrawals 8,000 48,000 2,000 Repairs Income 40,000 Utilities Expense 3,000 Salaries and Wages 5,000 Taxes and Licenses 1,000 Total 101,000 101,000
Courses =HCS380 Week 1 Terminology Matching Accounts Receivable Terminology Matching Note Payable Bonds Payable Common Stock Income Statement Balance Sheet Retained Earnings Statement Statement of Cash Flow Basic Accounting Equation multimedia.phoenix.edu Annual Report View Assessment HCS/380: Week 1 - Terminology Matching - Academic Resources Owed to a bank for the money borrowed Bill customer/patient for services HCS Debt securities sold to investors that must be repaid at a particular date in the future A AOL PASSV REQUIRED Enter your password for "kaylakı Accounts. Prepared by corporate management to present financial information, management discussion, notes, and auditor's report Used by creditors to determine if they will be paid Assets Liabilities+Stockholder's Equity Used by creditors and investors to analyze the organization's cash position Used by investors to evaluate the organization's history of paying high dividends The total amount paid in by stockholders for the share…
CHART OF ACCOUNTS 101 Cash 401 Service Revenue 211 Notes Payable 212 Accounts Payable 451 Rent Revenue 111 Notes Receivable 214 Interest Payable 491 Interest Revenue 112 Accounts Receivable 114 Interest Receivable 216 Wages Payable 511 Depreciation Expense 125 Supplies 261 Unearned Revenue 513 Insurance Expense 130 Prepaid Insurance 311 Common Stock 515 Rent Expense 320 Retained Earnings 517 Wages Expense 519 Supplies Expense 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation 591 Interest Expense Corporation purchased equipment on July 1 and gave an 18-month, 10% interest-bearing note with a face value of $45,000. Depreciation will be for 10 years using the straight-line method. The December 31 depreciation adjusting entry would be: Date Enter Account Number Debit Credit XX/XX/XX Would this adjusting entry be reversed? (Y for Yes or N for No)
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