Financial Statements from the End-of-Period SpreadsheetBamboo 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 BalanceAdjustmentsTrial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr. Cash58,000 58,000 Accounts Receivable106,200 106,200 Supplies11,900 (a)7,5004,400 Office Equipment515,000 515,000 Accumulated Depreciation 28,000 (b)5,600 33,600Accounts Payable 20,500 20,500Salaries Payable (c)2,500 2,500Lisa Gooch, Capital 516,700 516,700Lisa Gooch, Drawing25,000 25,000 Fees Earned 348,500 348,500Salary Expense186,500 (c)2,500 189,000 Supplies Expense (a)7,500 7,500 Depreciation Expense (b)5,600 5,600 Miscellaneous Expense11,100 11,100 913,700913,700 15,600 15,600921,800921,800Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting.Bamboo ConsultingIncome StatementFor the Year Ended July 31, 2019 $fill in the blank 68c31a02c017f88_2Expenses: $fill in the blank 68c31a02c017f88_4 fill in the blank 68c31a02c017f88_6 fill in the blank 68c31a02c017f88_8 fill in the blank 68c31a02c017f88_10 Total expenses fill in the blank 68c31a02c017f88_11 $fill in the blank 68c31a02c017f88_13Based 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, 2019 $fill in the blank 3f192c08704e00f_2 $fill in the blank 3f192c08704e00f_4 fill in the blank 3f192c08704e00f_6 fill in the blank 3f192c08704e00f_8 $fill in the blank 3f192c08704e00f_10Based on the preceding spreadsheet, prepare a balance sheet for Bamboo Consulting.Bamboo ConsultingBalance SheetJuly 31, 2019AssetsCurrent assets: $fill in the blank 822ee201e07901f_2 fill in the blank 822ee201e07901f_4 fill in the blank 822ee201e07901f_6 Total current assets $fill in the blank 822ee201e07901f_7Property, plant, and equipment: $fill in the blank 822ee201e07901f_9 fill in the blank 822ee201e07901f_11 Total property, plant, and equipment fill in the blank 822ee201e07901f_12Total assets $fill in the blank 822ee201e07901f_13LiabilitiesCurrent liabilities: $fill in the blank 822ee201e07901f_15 fill in the blank 822ee201e07901f_17 Total liabilities $fill in the blank 822ee201e07901f_18Owner's Equity fill in the blank 822ee201e07901f_20Total liabilities and owner's equity $fill in the blank 822ee201e07901f_21

Income Statement - A statement which used to calculate the profit or loss from the business which…

Answered: Based on the preceding spreadsheet,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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	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

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 68c31a02c017f88_2
Expenses:
	$fill in the blank 68c31a02c017f88_4
	fill in the blank 68c31a02c017f88_6
	fill in the blank 68c31a02c017f88_8
	fill in the blank 68c31a02c017f88_10
Total expenses		fill in the blank 68c31a02c017f88_11
		$fill in the blank 68c31a02c017f88_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 3f192c08704e00f_2
	$fill in the blank 3f192c08704e00f_4
	fill in the blank 3f192c08704e00f_6
		fill in the blank 3f192c08704e00f_8
		$fill in the blank 3f192c08704e00f_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 822ee201e07901f_2
	fill in the blank 822ee201e07901f_4
	fill in the blank 822ee201e07901f_6
Total current assets		$fill in the blank 822ee201e07901f_7
Property, plant, and equipment:
	$fill in the blank 822ee201e07901f_9
	fill in the blank 822ee201e07901f_11
Total property, plant, and equipment		fill in the blank 822ee201e07901f_12
Total assets		$fill in the blank 822ee201e07901f_13
Liabilities
Current liabilities:
	$fill in the blank 822ee201e07901f_15
	fill in the blank 822ee201e07901f_17
Total liabilities		$fill in the blank 822ee201e07901f_18
Owner's Equity
		fill in the blank 822ee201e07901f_20
Total liabilities and owner's equity		$fill in the blank 822ee201e07901f_21

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