Question

Comprehensive Problem 1
Part 8:

The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.

NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional.

Prepare an income statement.

Kelly Consulting Income Statement For the Month Ended May 31, 20Y8
Fees earned		$
Expenses:
Salary expense	$
Rent expense
Supplies expense
Depreciation expense
Insurance expense
Miscellaneous expense
Total expenses
Net income		$

Prepare a statement of stockholders’ equity. 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.

Kelly Consulting Statement of Stockholders’ Equity For the Month Ended May 31, 20Y8
	Common Stock	Retained Earnings	Total
Balances, May 1, 20Y8	$	$	$
Net income
Dividends
Balances, May 31, 20Y8	$	$	$

Prepare a balance sheet.

Kelly Consulting Balance Sheet May 31, 20Y8
Assets			Liabilities
Current assets:			Current liabilities:
Cash	$		Accounts payable	$
Accounts receivable			Salaries payable
Supplies			Unearned fees
Prepaid rent
Prepaid insurance			Total liabilities		$
Total current assets		$
Property, plant, and equipment:			Stockholders’ Equity
Office equipment	$		Common stock	$
Accumulated depreciation			Retained earnings
Total property, plant, and equipment			Total stockholders’ equity
Total assets		$	Total liabilities and stockholders’ equity		$

Answer 1

Common Stock = $ 30000

Retained Earnings = $ 35225

You could've obtained these figures from the Statement of Stockholder's Equity