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, 2018: Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 2018 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 27,800 27,800 Accounts Receivable 54,500 54,500 Supplies 3,000 2,200 800 Office Equipment 32,500 32,500 Accumulated Depreciation 4,300 1,300 5,600 Accounts Payable 3,400 3,400 Salaries Payable 460 460 Common Stock 30,000 30,000 Retained Earnings 56,700 56,700 Dividends 3,000 3,000 Fees Earned 60,000 60,000 Salary Expense 31,000 460 31,460 Supplies Expense 2,200 2,200 Depreciation Expense 1,300 1,300 Miscellaneous Expense 2,600 2,600 154,400 154,400 3,960 3,960 156,160 156,160 Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Triton Consulting. Be sure to read the instructions for each financial statement carefully. Chart of Accounts CHART OF ACCOUNTS Triton Consulting General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Office Equipment 15 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Salaries Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Supplies Expense 53 Depreciation Expense 54 Miscellaneous Expense Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended April 30, 2018 April 30, 2018 Property, plant, and equipment Revenues Amount Descriptions Change in retained earnings Dividends Net income Net loss Retained earnings, May 1, 2017 Retained earnings, April 30, 2018 Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders’ equity Total property, plant, and equipment Total revenues Total stockholders’ equity Income Statement Prepare an income statement for the year ended April 30, 2018 for Triton Consulting. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. Triton Consulting Income Statement 1 2 3 4 5 6 7 8 Retained Earnings Statement Prepare a retained earnings statement for the year ended April 30, 2018 for Triton Consulting. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items. Triton Consulting Retained Earnings Statement 1 2 3 4 5 Balance Sheet Prepare a balance sheet as of April 30, 2018 for Triton Consulting. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Triton Consulting Balance Sheet 1 Assets 2 3 4 5 6 7 8 9 10 11 12 Liabilities 13 14 15 16 17 Stockholders’ Equity 18 19 20 21

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, 2018: Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 2018 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 27,800 27,800 Accounts Receivable 54,500 54,500 Supplies 3,000 2,200 800 Office Equipment 32,500 32,500 Accumulated Depreciation 4,300 1,300 5,600 Accounts Payable 3,400 3,400 Salaries Payable 460 460 Common Stock 30,000 30,000 Retained Earnings 56,700 56,700 Dividends 3,000 3,000 Fees Earned 60,000 60,000 Salary Expense 31,000 460 31,460 Supplies Expense 2,200 2,200 Depreciation Expense 1,300 1,300 Miscellaneous Expense 2,600 2,600 154,400 154,400 3,960 3,960 156,160 156,160 Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Triton Consulting. Be sure to read the instructions for each financial statement carefully. Chart of Accounts CHART OF ACCOUNTS Triton Consulting General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Office Equipment 15 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Salaries Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Supplies Expense 53 Depreciation Expense 54 Miscellaneous Expense Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended April 30, 2018 April 30, 2018 Property, plant, and equipment Revenues Amount Descriptions Change in retained earnings Dividends Net income Net loss Retained earnings, May 1, 2017 Retained earnings, April 30, 2018 Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders’ equity Total property, plant, and equipment Total revenues Total stockholders’ equity Income Statement Prepare an income statement for the year ended April 30, 2018 for Triton Consulting. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. Triton Consulting Income Statement 1 2 3 4 5 6 7 8 Retained Earnings Statement Prepare a retained earnings statement for the year ended April 30, 2018 for Triton Consulting. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items. Triton Consulting Retained Earnings Statement 1 2 3 4 5 Balance Sheet Prepare a balance sheet as of April 30, 2018 for Triton Consulting. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Triton Consulting Balance Sheet 1 Assets 2 3 4 5 6 7 8 9 10 11 12 Liabilities 13 14 15 16 17 Stockholders’ Equity 18 19 20 21

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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, 2018:

	Triton Consulting
	End-of-Period Spreadsheet
	For the Year Ended April 30, 2018
	Unadjusted Trial Balance	Adjustments	Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	27,800				27,800
Accounts Receivable	54,500				54,500
Supplies	3,000			2,200	800
Office Equipment	32,500				32,500
Accumulated Depreciation		4,300		1,300		5,600
Accounts Payable		3,400				3,400
Salaries Payable				460		460
Common Stock		30,000				30,000
Retained Earnings		56,700				56,700
Dividends	3,000				3,000
Fees Earned		60,000				60,000
Salary Expense	31,000		460		31,460
Supplies Expense			2,200		2,200
Depreciation Expense			1,300		1,300
Miscellaneous Expense	2,600				2,600
	154,400	154,400	3,960	3,960	156,160	156,160

Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Triton Consulting. Be sure to read the instructions for each financial statement carefully.

Chart of Accounts

CHART OF ACCOUNTS

Triton Consulting

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Office Equipment
15	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Salaries Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends
34	Income Summary

	REVENUE
41	Fees Earned

	EXPENSES
51	Salary Expense
52	Supplies Expense
53	Depreciation Expense
54	Miscellaneous Expense

Labels and Amount Descriptions

Labels
Current assets
Current liabilities
Expenses
For the Year Ended April 30, 2018
April 30, 2018
Property, plant, and equipment
Revenues
Amount Descriptions
Change in retained earnings
Dividends
Net income
Net loss
Retained earnings, May 1, 2017
Retained earnings, April 30, 2018
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and stockholders’ equity
Total property, plant, and equipment
Total revenues
Total stockholders’ equity

Income Statement

Prepare an income statement for the year ended April 30, 2018 for Triton Consulting. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.

Triton Consulting

Income Statement

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Retained Earnings Statement

Prepare a retained earnings statement for the year ended April 30, 2018 for Triton Consulting. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.

Triton Consulting

Retained Earnings Statement

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Balance Sheet

Prepare a balance sheet as of April 30, 2018 for Triton Consulting. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Triton Consulting

Balance Sheet