Question

EX 4-3 Financial statements from the end-of-period spreadsheet Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following OBJ. 1,2 end-of-period spreadsheet was prepared for the year ended July 31, 2019: A B с D E F G Bamboo Consulting 2 End-of-Period Spreadsheet 3 For the Year Ended July 31, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance 6) Account Title Dr. Cr. Dr. Cr. Dr. Cr. 7 8 Cash 58,000 58,000 9 Accounts Receivable 106,200 106,200 10 Supplies 11,900 la 7,500 4,400 11 Office Equipment 515,000 515,000 12 Accumulated Depreciation 28,000 (b) 5,600 33,600 13 Accounts Payable 20,500 20,500 14 Salaries Payable (c) 2,500 2,500 15 Lisa Gooch, Capital 516,700 516,700 16 Lisa Gooch, Drawing 25,000 25,000 17 Fees Earneo 348,500 348,500 18 Salary Expense 186,500 (c) 2,5001 189,000 19 Supplies Exponse @ 2,600 7,500 20 Depreciation Expense (b) 5,600 5,600 21 Miscellaneous Expanse 11 100 16.100 22 913.700 913700 15,600 15,600|921,800 921,800 1231 Based on the preceding spreadsheet, prepare an income statement, statement of owner's equity, and balance sheet for Bamboo Consulting

Answer 1

Preparing an Income Statement, Statement of Owner's Equity and Balance Sheet for Bamboo Consulting from Adjusted Trial Balance:-

Bamboo Consulting

Income Statement

For the Year Ended July 31,2019

Accounts	Amount	Amount
Revenue:-
Fees Earned	$348,500
Total Revenue		$348,500
Less:- Expenses
Salary Expense	$189,000
Supplies Expense	7,500
Depreciation Expense	5,600
Miscellaneous Expense	11,100
Total Expenses		($213,200)
Net Income		$135,300

Bamboo Consulting

Statement of Owner's Equity

For the Year Ended July 31,2019

Accounts	Amount
Lisa Gooch, Capital	$516,700
Add:- Net Income	135,300
	$652,000
Less:- Lisa Gooch, Drawing	(25,000)
Lisa Gooch, Capital (Ending)	$627,000

Bamboo Consulting

Balance Sheet

As of July 31,2019

Accounts	Amount	Amount
Assets:-
Current Assets:-
Cash	$58,000
Accounts Receivable	106,200
Supplies	4,400
Total Current Assets		$168,600
Property Plant and Equipment:-
Office Equipment	$515,000
Less:- Accumulated Depreciation	(33,600)
Total Property Plant and Equipment		$481,400
Total Assets		$650,000
Liabilities and Owner's Equity:-
Liabilities:-
Current Liabilities:-
Accounts Payable	$20,500
Salaries Payable	2,500
Total Current Liabilities		$23,000
Owner's Equity:-
Lisa Gooch, Capital (Ending)	$627,000
Total Owner's Equity		$627,000
Total Liabilities and Owner's Equity		$650,000