I need help filling out the remainder of this problem. Financial Statements from the End-of-Period Spreadsheet Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3: Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 20Y3 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 16,670 16,670 Accounts Receivable 39,690 39,690 Supplies 4,210 3,530 680 Office Equipment 32,150 32,150 Accumulated Depreciation 4,410 2,100 6,510 Accounts Payable 10,720 10,720 Salaries Payable 520 520 Common Stock 13,000 13,000 Retained Earnings 27,480 27,480 Dividends 5,160 5,160 Fees Earned 75,610 75,610 Salary Expense 30,160 520 30,680 Supplies Expense 3,530 3,530 Depreciation Expense 2,100 2,100 Miscellaneous Expense 3,180 3,180 131,220 131,220 6,150 6,150 133,840 133,840 Based on the preceding spreadsheet, prepare an income statement for Triton Consulting. Triton ConsultingIncome StatementFor the Year Ended April 30, 20Y3 $Fees earned Expenses: $Salary expense Supplies expense Depreciation expense Miscellaneous expense Total expenses fill in the blank 21d310fe101cfd7_11 $Net income Feedback Revenue and expense accounts flow into the income statement. Based on the preceding spreadsheet, prepare a statement of stockholders’ equity for Triton Consulting. During the year ended April 30, 20Y3, common stock of $4,000 was issued. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Triton ConsultingStatement of Stockholders’ EquityFor the Year Ended April 30, 20Y3 Common Stock Retained Earnings Total $Balances, May 1, 20Y2 $Balances, May 1, 20Y2 $Balances, May 1, 20Y2 Issued common stock Issued common stock Issued common stock Net income Net income Net income Dividends Dividends Dividends $Balances, April 30, 20Y3 $Balances, April 30, 20Y3 $Balances, April 30, 20Y3 Feedback The statement of stockholders' equity shows the beginning balances of common stock and retained earnings. The common stock balance will be increased by any stock issued during the period, and retained earnings will be increased by any net income and decreased by any net losses and dividends. Based on the preceding spreadsheet, prepare a balance sheet for Triton Consulting. Triton ConsultingApril 30, 20Y3 Assets Current assets: $Cash Accounts receivable Supplies Total current assets $fill in the blank ba7926084fc0fef_7 Property, plant, and equipment: $Office equipment Accumulated depreciation Total property, plant, and equipment fill in the blank ba7926084fc0fef_12 Total assets $fill in the blank ba7926084fc0fef_13 Liabilities Current liabilities: $Accounts payable Salaries payable Total liabilities $fill in the blank ba7926084fc0fef_18 Stockholders' Equity Common stock Retained earnings Total stockholders' equity fill in the blank ba7926084fc0fef_23 Total liabilities and stockholders' equity fill in the blank ba7926084fc0fef_24
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.
I need help filling out the remainder of this problem.
Financial Statements from the End-of-Period Spreadsheet
Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3:
| Triton Consulting | ||||||
| End-of-Period Spreadsheet | ||||||
| For the Year Ended April 30, 20Y3 | ||||||
| Unadjusted | Adjusted | |||||
| Adjustments | Trial Balance | |||||
| Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. |
| Cash | 16,670 | 16,670 | ||||
| 39,690 | 39,690 | |||||
| Supplies | 4,210 | 3,530 | 680 | |||
| Office Equipment | 32,150 | 32,150 | ||||
| 4,410 | 2,100 | 6,510 | ||||
| Accounts Payable | 10,720 | 10,720 | ||||
| Salaries Payable | 520 | 520 | ||||
| Common Stock | 13,000 | 13,000 | ||||
| 27,480 | 27,480 | |||||
| Dividends | 5,160 | 5,160 | ||||
| Fees Earned | 75,610 | 75,610 | ||||
| Salary Expense | 30,160 | 520 | 30,680 | |||
| Supplies Expense | 3,530 | 3,530 | ||||
| Depreciation Expense | 2,100 | 2,100 | ||||
| Miscellaneous Expense | 3,180 | 3,180 | ||||
| 131,220 | 131,220 | 6,150 | 6,150 | 133,840 | 133,840 |
Based on the preceding spreadsheet, prepare an income statement for Triton Consulting.
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$Fees earned | |
| Expenses: | ||
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$Salary expense | |
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Supplies expense | |
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Depreciation expense | |
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Miscellaneous expense | |
| Total expenses | fill in the blank 21d310fe101cfd7_11 | |
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$Net income |
Revenue and expense accounts flow into the income statement.
Based on the preceding spreadsheet, prepare a statement of
| Common Stock | Retained Earnings | Total | |
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$Balances, May 1, 20Y2 | $Balances, May 1, 20Y2 | $Balances, May 1, 20Y2 |
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Issued common stock | Issued common stock | Issued common stock |
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Net income | Net income | Net income |
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Dividends | Dividends | Dividends |
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$Balances, April 30, 20Y3 | $Balances, April 30, 20Y3 | $Balances, April 30, 20Y3 |
The statement of stockholders' equity shows the beginning balances of common stock and retained earnings. The common stock balance will be increased by any stock issued during the period, and retained earnings will be increased by any net income and decreased by any net losses and dividends.
Based on the preceding spreadsheet, prepare a
| Assets | ||
| Current assets: | ||
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$Cash | |
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Accounts receivable | |
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Supplies | |
| Total current assets | $fill in the blank ba7926084fc0fef_7 | |
| Property, plant, and equipment: | ||
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$Office equipment | |
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Accumulated depreciation | |
| Total property, plant, and equipment | fill in the blank ba7926084fc0fef_12 | |
| Total assets | $fill in the blank ba7926084fc0fef_13 | |
| Liabilities | ||
| Current liabilities: | ||
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$Accounts payable | |
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Salaries payable | |
| Total liabilities | $fill in the blank ba7926084fc0fef_18 | |
| Stockholders' Equity | ||
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Common stock | |
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Retained earnings | |
| Total stockholders' equity | fill in the blank ba7926084fc0fef_23 | |
| Total liabilities and stockholders' equity | fill in the blank ba7926084fc0fef_24 |
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