Cash
Accounts Receivable
Supplies
Office Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
Scott Cutler, Capital
Scott Cutler, Drawing
Fees Earned
Salary Expense
Supplies Expense
Depreciation Expense
Miscellaneous Expense
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Holism Consulting
End-of-Period Spreadsheet
For the Year Ended May 31, 2014
Unadjusted
Trial Balance T Adjustments rial Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Adjusted
38,000
90,000
9,600
74,000
12,000
69,000
7,400
300,000
10,000
24,400
90,400
175,200
300,000
(c) 1,500
(a) 6,000
(b) 4,800
12,300
(a) 6,000
(b) 4,800
(c) 1,500
12,300
38,000
90,000
3,600
74,000
12,000
70,500
6,000
4,800
7,400
306,300
14,800
24,400
1,500
90,400
175,200
306,300
A B C D E F G
Based on the preceding spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for Holism Consulting.
Answer:
HOLISM CONSULTING
Income Statement
For the Year Ended May 31, 2014
Fees earned $175,200
Expenses:
Salary expense $70,500
Supplies expense 6,000
Depreciation expense 4,800
Miscellaneous expense 7,400
Total expenses 88,700
Net income $ 86,500
HOLISM CONSULTING
Statement of Owner’s Equity
For the Year Ended May 31, 2014
Scott Cutler, capital, June 1, 2013 $ 90,400
Net income $86,500
Less withdrawals 12,000
Increase in owner’s equity 74,500
Scott Cutler, capital, May 31, 2014 $164,900
HOLISM CONSULTING
Balance Sheet
May 31, 2014
Assets Liabilities
Current assets: Current liabilities:
Cash $38,000 Accounts payable $24,400
Accounts receivable 90,000 Salaries payable 1,500
Supplies 3,600 Total liabilities $ 25,900
Total current assets $131,600
Property, plant, and
equipment:
Office equipment $74,000
Less accum. depr. 14,800 Owner’s Equity
Total property, plant, Scott Cutler, capital 164,900
and equipment 59,200 Total liabilities and
Total assets $190,800 owner’s equity $190,800