Comprehensive Problem 1Part 8:The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional.Prepare an income statement. Kelly ConsultingIncome StatementFor the Month Ended May 31, 2018Fees earned vExpenses:Salary expense vRent expense vSupplies expense vDepreciation expense vInsurance expenseMiscellaneous expense vTotal expenses vNet income vPrepare a retained earnings statement.Kelly ConsultingRetained Earnings StatementFor the Month Ended May 31, 2018Retained earnings, May 1, 2018 VNet income vDividends vChange in retained earnings vRetained earnings, May 31, 2018 V Prepare a balance sheet.Kelly ConsultingBalance SheetMay 31, 2018AssetsLiabilitiesCurrent assets:Current liabilities:Cash vAccounts payable vAccounts receivable vSalaries payable vSupplies vUnearned fees vPrepaid rent vPrepaid insurance vTotal liabilitiesTotal current assetsProperty, plant, and equipment:Stockholders' EquityOffice equipment vCommon Stock vAccumulated depreciation vRetained earnings vTotal property, plant, and equipmentTotal stockholders' equityTotal assetsTotal liabilities and stockholders' equity

8. Kelly ConsultingIncome StatementFor the month ended March 31, 2019 Revenue Fees Earned…

Answered: Comprehensive Problem 1 Part 8: The…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Comprehensive Problem 1
Part 8:

The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.

NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional.

Prepare an income statement.

Kelly Consulting
Income Statement
For the Month Ended May 31, 2018
Fees earned v
Expenses:
Salary expense v
Rent expense v
Supplies expense v
Depreciation expense v
Insurance expense
Miscellaneous expense v
Total expenses v
Net income v
Prepare a retained earnings statement.
Kelly Consulting
Retained Earnings Statement
For the Month Ended May 31, 2018
Retained earnings, May 1, 2018 V
Net income v
Dividends v
Change in retained earnings v
Retained earnings, May 31, 2018 V

Prepare a balance sheet.
Kelly Consulting
Balance Sheet
May 31, 2018
Assets
Liabilities
Current assets:
Current liabilities:
Cash v
Accounts payable v
Accounts receivable v
Salaries payable v
Supplies v
Unearned fees v
Prepaid rent v
Prepaid insurance v
Total liabilities
Total current assets
Property, plant, and equipment:
Stockholders' Equity
Office equipment v
Common Stock v
Accumulated depreciation v
Retained earnings v
Total property, plant, and equipment
Total stockholders' equity
Total assets
Total liabilities and stockholders' equity

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