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 Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 58,000       58,000   Accounts Receivable 106,200       106,200   Supplies 11,900     (a) 7,500 4,400   Office Equipment 515,000       515,000   Accumulated Depreciation   28,000   (b) 5,600   33,600 Accounts Payable   20,500       20,500 Salaries Payable       (c) 2,500   2,500 Lisa Gooch, Capital   516,700       516,700 Lisa Gooch, Drawing 25,000       25,000   Fees Earned   348,500       348,500 Salary Expense 186,500   (c) 2,500   189,000   Supplies Expense     (a) 7,500   7,500   Depreciation Expense     (b) 5,600   5,600   Miscellaneous Expense 11,100       11,100     913,700 913,700 15,600 15,600 921,800 921,800   Prepare an income statement for the year ended July 31, 2019 for Bamboo Consulting. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.     Bamboo Consulting Income Statement   1       2       3       4       5       6       7       8

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Trial Balance Adjustments Adjusted Trial Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash 58,000       58,000  
Accounts Receivable 106,200       106,200  
Supplies 11,900     (a) 7,500 4,400  
Office Equipment 515,000       515,000  
Accumulated Depreciation   28,000   (b) 5,600   33,600
Accounts Payable   20,500       20,500
Salaries Payable       (c) 2,500   2,500
Lisa Gooch, Capital   516,700       516,700
Lisa Gooch, Drawing 25,000       25,000  
Fees Earned   348,500       348,500
Salary Expense 186,500   (c) 2,500   189,000  
Supplies Expense     (a) 7,500   7,500  
Depreciation Expense     (b) 5,600   5,600  
Miscellaneous Expense 11,100       11,100  
  913,700 913,700 15,600 15,600 921,800 921,800
 
Prepare an income statement for the year ended July 31, 2019 for Bamboo Consulting. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.
 
 
Bamboo Consulting
Income Statement
 
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