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 28,000 28,000 Accounts Receivable 54,000 54,000 Supplies 3,400 2,400 1,000 Office Equipment 31,000 31,000 Accumulated Depreciation 4,100 1,100 5,200 Accounts Payable 3,100 3,100 Salaries Payable 475 475 Common Stock 30,000 30,000 Retained Earnings 57,000 57,000 Dividends 1,500 1,500 Fees Earned 57,000 57,000 Salary Expense 31,000 475 31,475 Supplies Expense 2,400 2,400 Depreciation Expense 1,100 1,100 Miscellaneous Expense 2,300 2,300 151,200 151,200 3,975 3,975 152,775 152,775 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 For the Year Ended April 30, 2018 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 For the Year Ended April 30, 2018 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 (label) 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 28,000 28,000 Accounts Receivable 54,000 54,000 Supplies 3,400 2,400 1,000 Office Equipment 31,000 31,000 Accumulated Depreciation 4,100 1,100 5,200 Accounts Payable 3,100 3,100 Salaries Payable 475 475 Common Stock 30,000 30,000 Retained Earnings 57,000 57,000 Dividends 1,500 1,500 Fees Earned 57,000 57,000 Salary Expense 31,000 475 31,475 Supplies Expense 2,400 2,400 Depreciation Expense 1,100 1,100 Miscellaneous Expense 2,300 2,300 151,200 151,200 3,975 3,975 152,775 152,775 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 For the Year Ended April 30, 2018 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 For the Year Ended April 30, 2018 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 (label) 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
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.
Question
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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 |
Adjustments | Adjusted Trial Balance | ||||
| Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. |
| Cash | 28,000 | 28,000 | ||||
| 54,000 | 54,000 | |||||
| Supplies | 3,400 | 2,400 | 1,000 | |||
| Office Equipment | 31,000 | 31,000 | ||||
| 4,100 | 1,100 | 5,200 | ||||
| Accounts Payable | 3,100 | 3,100 | ||||
| Salaries Payable | 475 | 475 | ||||
| Common Stock | 30,000 | 30,000 | ||||
| 57,000 | 57,000 | |||||
| Dividends | 1,500 | 1,500 | ||||
| Fees Earned | 57,000 | 57,000 | ||||
| Salary Expense | 31,000 | 475 | 31,475 | |||
| Supplies Expense | 2,400 | 2,400 | ||||
| Depreciation Expense | 1,100 | 1,100 | ||||
| Miscellaneous Expense | 2,300 | 2,300 | ||||
| 151,200 | 151,200 | 3,975 | 3,975 | 152,775 | 152,775 |
| Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and |
Chart of Accounts
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||
| Triton Consulting | |||||||||||||||||||||||||||||||||||||||||||
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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 |
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| 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.
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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.
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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.
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Balance Sheet
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