Financial statements from the end-of-period spreadsheet
Holism Consulting is a consulting firm owned and operated by Scott Cutler. The end-of period spreadsheet shown below was prepared for the year ended May 31, 2014.
|
Holism Consulting End-of-Period Spreadsheet For the Year Ended May 31, 2014 |
||||||
|
Unadjusted |
Adjusted |
|||||
|
Trial Balance |
Adjusted |
Trial Balance |
||||
|
Account Title |
Dr. |
Cr. |
Dr. |
Cr. |
Dr. |
Cr. |
|
Cash |
38,000 |
38,000 |
||||
|
Accounts Receivable |
90,000 |
90,000 |
||||
|
Supplies |
9,600 |
(a) 6,000 |
3,600 |
|||
|
Office Equipment |
74,000 |
74,000 |
||||
|
Accumulated Depreciation |
10,000 |
(b) 4,800 |
14,800 |
|||
|
Accounts Payable |
24,400 |
24,400 |
||||
|
Salaries Payable |
(c ) 1,500 |
1,500 |
||||
|
Capital Stock |
10,000 |
10,000 |
||||
|
Retained Earnings |
80,400 |
80,400 |
||||
|
Dividends |
12,000 |
12,000 |
||||
|
Fees Earned |
175,200 |
175,200 |
||||
|
Salary Expense |
69,000 |
(c) 1,500 |
70,500 |
|||
|
Supplies Expense |
(a) 6,000 |
6,000 |
||||
|
Depreciation Expense |
(b) 4,800 |
4,800 |
||||
|
Miscellaneous Expense |
7,400 |
7,400 |
||||
|
300,000 |
300,000 |
12,300 |
12,300 |
306,300 |
306,300 |
|
Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Holism Consulting.