Question

Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 20Y5:

Bamboo Consulting
End-of-Period Spreadsheet
For the Year Ended July 31, 20Y5
Unadjusted Trial Adjustments Adjusted Trial
Balance Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash 12,390 12,390
Accounts
Receivable 29,490 29,490
Supplies 3,130 (a) 2,620 510
Office
Equipment 23,890 23,890
Accumulated
Depreciation 3,270 (b) 1,560 4,830
Accounts Payable 7,960 7,960
Salaries Payable (c) 380 380
Lisa Gooch,
Capital 30,080 30,080
Lisa Gooch,
Drawing 3,830 3,830
Fees Earned 55,900 55,900
Salary Expense 22,120 (c) 380 22,500
Supplies Expense (a) 2,620 2,620
Depreciation Expense (b) 1,560 1,560
Miscellaneous Expense 2,360 2,360
97,210 97,210 4,560 4,560 99,150 99,150
Based on the preceding spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for Bamboo Consulting.
CHART OF ACCOUNTS
Bamboo 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 Lisa Gooch, Capital
32 Lisa Gooch, Drawing
33 Income Summary
REVENUE
41 Fees Earned
EXPENSES
51 Salary Expense
52 Supplies Expense
53 Depreciation Expense
54 Miscellaneous Expense
REVENUE
41 Fees Earned
EXPENSES
51 Salary Expense
52 Supplies Expense
53 Depreciation Expense
54 Miscellaneous ExpenseLabels
Current assets
Current liabilities
Expenses
For the Year Ended July 31, 2016
July 31, 2016
Property, plant, and equipment
Revenues
Amount Descriptions
Add withdrawals
Decrease in owner’s equity
Increase in owner’s equity
Less withdrawals
Lisa Gooch, capital
Lisa Gooch, capital, August 1, 2015
Lisa Gooch, capital, July 31, 2016
Net income
Net loss
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and owner’s equity
Total property, plant, and equipment
Total revenues
1. Prepare an income statement for the year ended July 31, 2016 for Bamboo Consulting.
2. Prepare a statement of owner’s equity for the year ended July 31, 2016 for Bamboo Consulting.
3. Prepare a balance sheet as of July 31, 2016 for Bamboo Consulting. Fixed assets must be entered in order according to account number.

Answer 1

Bamboo Consulting

1. Income Statement for the year ended July 31, 2016:

Fees Earned $55,900

Salary Expense 22,500

Supplies Expense 2,620

Depreciation Expense 1,560

Miscellaneous Expense 2,360 29,040

Net income $26,860

2. Statement of Owner's Equity for the year ended July 31, 2016:

Capital $30,080

Net income 26,860

Drawing (3,830)

Equity balance $53,110

3. Balance Sheet as of July 31, 2016:

Cash $12,390

Accounts Receivable 29,490

Supplies 510 $42,390

Office Equipment 23,890

Accumulated Depreciation (4,830) $19,060

Total assets $61,450

Accounts Payable $7,960

Salaries Payable 380

Total liabilities $8,340

Owner's equity $53,110

Total liabilities and equity $61,450

Step-by-step explanation:

a) Data and Calculations:

Bamboo Consulting

End-of-Period Spreadsheet

For the Year Ended July 31, 20Y5

Unadjusted Trial Adjustments Adjusted Trial

Balance Balance

Account Title Dr. Cr. Dr. Cr. Dr. Cr.

Cash 12,390 12,390

Accounts

Receivable 29,490 29,490

Supplies 3,130 (a) 2,620 510

Office

Equipment 23,890 23,890

Accumulated

Depreciation 3,270 (b) 1,560 4,830

Accounts Payable 7,960 7,960

Salaries Payable (c) 380 380

Lisa Gooch,

Capital 30,080 30,080

Lisa Gooch,

Drawing 3,830 3,830

Fees Earned 55,900 55,900

Salary Expense 22,120 (c) 380 22,500

Supplies Expense (a) 2,620 2,620

Depreciation Expense (b) 1,560 1,560

Miscellaneous Expense 2,360 2,360

97,210 97,210 4,560 4,560 99,150 99,150

Adjusted Trial Balance

Account Title Dr. Cr.

Cash 12,390

Accounts Receivable 29,490

Supplies 510

Office Equipment 23,890

Accumulated Depreciation 4,830

Accounts Payable 7,960

Salaries Payable 380

Lisa Gooch, Capital 30,080

Lisa Gooch, Drawing 3,830

Fees Earned 55,900

Salary Expense 22,500

Supplies Expense 2,620

Depreciation Expense 1,560

Miscellaneous Expense 2,360

99,150 99,150