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, 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 9,760 9,760 Accounts Receivable 23,240 23,240 Supplies 2,460 (a) 2,070 390 Office Equipment 18,820 18,820 Accumulated Depreciation 2,580 (b) 1,230 3,810 Accounts Payable 6,270 6,270 Salaries Payable (c) 300 300 Lisa Gooch, Capital 23,700 23,700 Lisa Gooch, Drawing 3,020 3,020 Fees Earned 43,810 43,810 Salary Expense 17,200 (c) 300 17,500 Supplies Expense (a) 2,070 2,070 Depreciation Expense (b) 1,230 1,230 Miscellaneous Expense 1,860 1,860 76,360 76,360 3,600 3,600 77,890 77,890 Question Content Area Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting. Bamboo ConsultingIncome StatementFor the Year Ended July 31, 20Y5 $- Select - Expenses: $- Select - - Select - - Select - - Select - Total expenses fill in the blank 5c626008a01804b_11 $- Select - Question Content Area 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 - Question Content Area Based on the preceding spreadsheet, prepare a balance sheet for Bamboo Consulting. Bamboo ConsultingJuly 31, 20Y5 Assets Current assets: $- Select - - Select - - Select - Total current assets $fill in the blank 90eb7603500805d_7 Property, plant, and equipment: $- Select - - Select - Total property, plant, and equipment fill in the blank 90eb7603500805d_12 Total assets $fill in the blank 90eb7603500805d_13 Liabilities Current liabilities: $- Select - - Select - Total liabilities $fill in the blank 90eb7603500805d_18 Owner's Equity - Select - Total liabilities and owner's equity $fill in the blank 90eb7603500805d_21
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
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, 20Y5:
| Bamboo Consulting | ||||||||
| End-of-Period Spreadsheet | ||||||||
| For the Year Ended July 31, 20Y5 | ||||||||
| Unadjusted | Adjusted | |||||||
| Adjustments | Trial Balance | |||||||
| Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | ||
| Cash | 9,760 | 9,760 | ||||||
| 23,240 | 23,240 | |||||||
| Supplies | 2,460 | (a) 2,070 | 390 | |||||
| Office Equipment | 18,820 | 18,820 | ||||||
| 2,580 | (b) 1,230 | 3,810 | ||||||
| Accounts Payable | 6,270 | 6,270 | ||||||
| Salaries Payable | (c) 300 | 300 | ||||||
| Lisa Gooch, Capital | 23,700 | 23,700 | ||||||
| Lisa Gooch, Drawing | 3,020 | 3,020 | ||||||
| Fees Earned | 43,810 | 43,810 | ||||||
| Salary Expense | 17,200 | (c) 300 | 17,500 | |||||
| Supplies Expense | (a) 2,070 | 2,070 | ||||||
| Depreciation Expense | (b) 1,230 | 1,230 | ||||||
| Miscellaneous Expense | 1,860 | 1,860 | ||||||
| 76,360 | 76,360 | 3,600 | 3,600 | 77,890 | 77,890 |
Question Content Area
Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting.
|
|
$- Select - | |
| Expenses: | ||
|
|
$- Select - | |
|
|
- Select - | |
|
|
- Select - | |
|
|
- Select - | |
| Total expenses | fill in the blank 5c626008a01804b_11 | |
|
|
$- Select - |
Question Content Area
Based on the preceding spreadsheet, prepare a statement of owner's equity for Bamboo Consulting.
|
|
$- Select - | |
|
|
$- Select - | |
|
|
- Select - | |
|
|
- Select - | |
|
|
$- Select - |
Question Content Area
Based on the preceding spreadsheet, prepare a
| Assets | ||
| Current assets: | ||
|
|
$- Select - | |
|
|
- Select - | |
|
|
- Select - | |
| Total current assets | $fill in the blank 90eb7603500805d_7 | |
| Property, plant, and equipment: | ||
|
|
$- Select - | |
|
|
- Select - | |
| Total property, plant, and equipment | fill in the blank 90eb7603500805d_12 | |
| Total assets | $fill in the blank 90eb7603500805d_13 | |
| Liabilities | ||
| Current liabilities: | ||
|
|
$- Select - | |
|
|
- Select - | |
| Total liabilities | $fill in the blank 90eb7603500805d_18 | |
| Owner's Equity | ||
|
|
- Select - | |
| Total liabilities and owner's equity | $fill in the blank 90eb7603500805d_21 |
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
