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 8,850 8,850 Accounts Receivable 21,080 21,080 Supplies 2,230 (a) 1,880 350 Office Equipment 16,860 16,860 Accumulated Depreciation 2,340 (b) 1,120 3,460 Accounts Payable 5,690 5,690 Salaries Payable (c) 270 270 Lisa Gooch, Capital 21,500 21,500 Lisa Gooch, Drawing 2,740 2,740 Fees Earned 39,940 39,940 Salary Expense 16,020 (c) 270 16,290 Supplies Expense (a) 1,880 1,880 Depreciation Expense (b) 1,120 1,120 Miscellaneous Expense 1,690 1,690 69,470 69,470 3,270 3,270 70,860 70,860 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 ad6f750ce015032_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 4c06cafb4fa300f_7 Property, plant, and equipment: $- Select - - Select - Total property, plant, and equipment fill in the blank 4c06cafb4fa300f_12 Total assets $fill in the blank 4c06cafb4fa300f_13 Liabilities Current liabilities: $- Select - - Select - Total liabilities $fill in the blank 4c06cafb4fa300f_18 Owner's Equity - Select - Total liabilities and owner's equity $fill in the blank 4c06cafb4fa300f_21
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
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 | 8,850 | 8,850 | ||||||
| 21,080 | 21,080 | |||||||
| Supplies | 2,230 | (a) 1,880 | 350 | |||||
| Office Equipment | 16,860 | 16,860 | ||||||
| 2,340 | (b) 1,120 | 3,460 | ||||||
| Accounts Payable | 5,690 | 5,690 | ||||||
| Salaries Payable | (c) 270 | 270 | ||||||
| Lisa Gooch, Capital | 21,500 | 21,500 | ||||||
| Lisa Gooch, Drawing | 2,740 | 2,740 | ||||||
| Fees Earned | 39,940 | 39,940 | ||||||
| Salary Expense | 16,020 | (c) 270 | 16,290 | |||||
| Supplies Expense | (a) 1,880 | 1,880 | ||||||
| Depreciation Expense | (b) 1,120 | 1,120 | ||||||
| Miscellaneous Expense | 1,690 | 1,690 | ||||||
| 69,470 | 69,470 | 3,270 | 3,270 | 70,860 | 70,860 |
Question Content Area
Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting.
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| Total expenses | fill in the blank ad6f750ce015032_11 | |
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Question Content Area
Based on the preceding spreadsheet, prepare a statement of owner's equity for Bamboo Consulting.
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Question Content Area
Based on the preceding spreadsheet, prepare a
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$- Select - | |
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| Total current assets | $fill in the blank 4c06cafb4fa300f_7 | |
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$- Select - | |
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| Total property, plant, and equipment | fill in the blank 4c06cafb4fa300f_12 | |
| Total assets | $fill in the blank 4c06cafb4fa300f_13 | |
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| Current liabilities: | ||
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$- Select - | |
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- Select - | |
| Total liabilities | $fill in the blank 4c06cafb4fa300f_18 | |
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- Select - | |
| Total liabilities and owner's equity | $fill in the blank 4c06cafb4fa300f_21 |
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