Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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, 20Y5:

  Bamboo Consulting
  End-of-Period Spreadsheet
  For the Year Ended July 31, 20Y5
  Unadjusted         Adjusted
  Trial Balance Adjustments Trial Balance
Account Title   Dr.   Cr.     Dr.     Cr.   Dr.   Cr.
                 
Cash 8,170           8,170  
Accounts Receivable 19,450           19,450  
Supplies 2,060         (a) 1,730 330  
Office Equipment 15,560           15,560  
Accumulated Depreciation   2,160       (b) 1,030   3,190
Accounts Payable   5,250           5,250
Salaries Payable           (c) 250   250
Lisa Gooch, Capital   19,840           19,840
Lisa Gooch, Drawing 2,530           2,530  
Fees Earned   36,470           36,470
Salary Expense 14,390     (c) 250     14,640  
Supplies Expense       (a) 1,730     1,730  
Depreciation Expense       (b) 1,030     1,030  
Miscellaneous Expense 1,560           1,560  
  63,720 63,720   3,010   3,010 65,000 65,000

Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting.

Bamboo ConsultingIncome StatementFor the Year Ended July 31, 20Y5

$Fees earned
   
Expenses:    
$Salary expense
   
Supplies expense
   
Depreciation expense
   
Miscellaneous expense
   
Total expenses    
$Net income
   

Based on the preceding spreadsheet, prepare a statement of owner's equity for Bamboo Consulting.

Bamboo ConsultingStatement of Owner's EquityFor the Year Ended July 31, 20Y5

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

Based on the preceding spreadsheet, prepare a balance sheet for Bamboo Consulting.

Bamboo ConsultingJuly 31, 20Y5

Bamboo ConsultingJuly 31, 20Y5

Assets
Current assets:    
$- Select -
   
- Select -
   
- Select -
   
Total current assets    
Property, plant, and equipment:    
$- Select -
   
 
- Select -
   
Total property, plant, and equipment    
Total assets    
Liabilities
Current liabilities:    
$- Select -
   
- Select -
   
Total liabilities    
Owner's Equity
- Select -
   
Total liabilities and owner's equity    
Expert Solution
Step 1

Income statement is a financial statement that shows net income (loss) of a business for a specific period. It subtracted all operating and non-operating expenses from revenue to calculate net income (loss).

Balance sheet also known as the financial position statement of a company that shows all assets, liabilities and equity of a business for a specific date mostly at the end of a period. It follows the rule of : - 

Assets = Liabilities + Owner's equity

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