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, 2019:

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, 2019:

Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Lisa Gooch, Capital Lisa Gooch, Drawing Fees Earned Salary Expense Supplies Expense Depreciation Expense Miscellaneous Expense 1 2 3 4 5 6 7 8 9 101 2 3 4 5 6 7 8 9  201 2 3 Bamboo Consulting End-of-Period Spreadsheet For the Year Ended July 31, 2019 Unadjusted AdjustmentsTrial Balance Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Adjusted 58,000 106,200 11,900 515,000 25,000 186,500 11,100 913,700 28,000 20,500 516,700 348,500 913,700 (c) 2,500 (a) 7,500 (b) 5,600 15,600 (a) 7,500 (b) 5,600 (c) 2,500 15,600 58,000 106,200 4,400 515,000 25,000 189,000 7,500 5,600 11,100 921,800 33,600 20,500 2,500 516,700 348,500 921,800 B C D E F GA

Based on the preceding spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for Bamboo Consulting.

Answers:

Fees earned$348,500

Expenses:

Salary expense$189,000

Supplies expense7,500

Depreciation expense5,600

Miscellaneous expense11,100

Total expenses213,200

Net income$135,300

Lisa Gooch, capital, August 1, 2018$516,700

Net income$135,300

Withdrawals(25,000)

Increase in owner’s equity110,300

Lisa Gooch, capital, July 31, 2019$627,000

Current assets:

Cash$ 58,000

Accounts receivable106,200

Supplies4,400

Total current assets$168,600

Property, plant, and equipment:

Office equipment$515,000

Less accumulated depreciation 33,600

Total property, plant, and equipment481,400

Total assets$650,000

Current liabilities:

Accounts payable$ 20,500

Salaries payable2,500

Total liabilities  $ 23,000

Lisa Gooch, capital627,000

Total liabilities and owner’s equity$650,000