Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:

Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:

Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Jayson Neese, Capital Jayson Neese, 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 Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 2019 Unadjusted AdjustmentsTrial Balance Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Adjusted 27,000 53,500 3,000 30,500 2,000 32,000 2,000 150,000 4,500 3,300 82,200 60,000 150,000 (c) 375 (a) 2,100  (b) 1,500   3,975 (a) 2,100 (b) 1,500 (c) 375 3,975 27,000 53,500 9 30,500 2,000 32,375 2,100 1,500 2,000 151,875 6,000 3,3007 5 82,200 60,000 151,875 B C D E F GA 189 201 2 3

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

Answers:

Fees earned$60,000

Expenses:

Salary expense$32,375

Supplies expense2,100

Depreciation expense1,500

Miscellaneous expense2,000

Total expenses37,975

Net income$22,025

Jayson Neese, capital, July 1, 2018$ 82,200

Net income$22,025

Withdrawals(2,000)

Increase in owner’s equity20,025

Jayson Neese, capital, June 30, 2019$102,225

Current assets:

Cash$27,000

Accounts receivable53,500

Supplies900

Total current assets$ 81,400

Property, plant, and equipment:

Office equipment$30,500

Less accumulated depreciation6,000

Total property, plant, and equipment24,500

Total assets$105,900

Current liabilities:

Accounts payable$ 3,300

Salaries payable375

Total liabilities  $ 3,675

Jayson Neese, capital102,225

Total liabilities and owner’s equity$105,900