Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The followingend-of-period spreadsheet was prepared for the year ended July 31, 2019:B |c | DBamboo ConsultingEnd-of-Period SpreadsheetFor the Year Ended July 31, 2019UnadjustedTrial BalanceDr.A3AdjustedTrial BalanceDr.4.AdjustmentsDr.Cr.Cr.Cг.6 Account Title8 Cash9 Accounts Receivable10 Supplies11 Office Equipment12 Accumulated Depreciation13 Accounts Payable14 Salaries Payable15 Lisa Gooch, Capital16 Lisa Gooch, Drawing17 Fees Earned18 Salary Expense19 Supplies Expense| 20 Depreciation Expense21 Miscellaneous Expense58,000106,20011,900515,00058,000106,2004,400515,000|(a) 7,50033,60020,5002,500516,700|(b) 5,60028,00020,500|(c) 2,500516,70025,00025,000348,500348,500186,500|(c) 2,500(a) 7,500|(b) 5,600189,0007,5005,60011,10015,600 921,800 921,80011,100913,700 913,7002215,60023Based on the preceding spreadsheet, prepare an income statement, statement of owner'sequity, and balance sheet for Bamboo Consulting.

The income statement is a financial statement that represents the financial performance of the…

Answered: Bamboo Consulting is a consulting firm…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: The Gorman GroupEnd-of-Period SpreadsheetFor the Year Ended October 31, 2019 Adjusted Trial Balance Account Title Dr. Cr. Cash 14,730 Accounts Receivable 32,060 Supplies 5,010 Prepaid Insurance 10,820 Land 114,000 Buildings 410,000 Accumulated Depreciation-Buildings 133,500 Equipment 296,000 Accumulated Depreciation-Equipment 173,800 Accounts Payable 37,930 Salaries Payable 3,760 Unearned Rent 1,700 Nicole Gorman, Capital 486,900 Nicole Gorman, Drawing 28,500 Service Fees 540,830 Rent Revenue 5,710 Salaries Expense 387,720 Depreciation Expense—Equipment 21,000 Rent Expense 17,600 Supplies Expense 12,470 Utilities Expense 11,270 Depreciation…
1. The trail balance columns of the worksheet for Khareef Company at September 30, 2019, are as follows: Khareef CompanyWorksheetFor the month ended September 30, 2019Trial BalanceAccount Titles Dr. Cr.Cash 15,000 Accounts Receivable 9,700 Supplies 5,500 Accounts Payable 3,700Unearned Service Revenue 8,200Capital 20,000Service Revenue 1,700Salaries Expense 2,500 Utilities Expense 900 Total 33,600 33,600 Additional Information:1. The available supplies on hand is $2,0002. Rendered service of $10,000 but not recorded.3. Accrued interest is $1504. Accrued salaries are $5005. Utilities expense of $600 is not recorded6. Paid the amount due of $700 on account Instructions: Enter the trail balance on a worksheet and complete it.
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 End-of-Period Spreadsheet For the Year Ended July 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 58,000 58,000 Accounts Receivable 106,200 106,200 Supplies 11,900 (a) 7,500 4,400 Office Equipment 515,000 515,000 Accumulated Depreciation 28,000 (b) 5,600 33,600 Accounts Payable 20,500 20,500 Salaries Payable (c) 2,500 2,500 Lisa Gooch, Capital 516,700 516,700 Lisa Gooch, Drawing 25,000 25,000 Fees Earned 348,500 348,500 Salary Expense 186,500 (c) 2,500 189,000 Supplies Expense (a) 7,500 7,500 Depreciation Expense (b) 5,600 5,600 Miscellaneous Expense 11,100 11,100 913,700 913,700 15,600 15,600…
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 End-of-Period Spreadsheet For the Year Ended July 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 58,000 58,000 Accounts Receivable 106,200 106,200 Supplies 11,900 (a) 7,500 4,400 Office Equipment 515,000 515,000 Accumulated Depreciation 28,000 (b) 5,600 33,600 Accounts Payable 20,500 20,500 Salaries Payable (c) 2,500 2,500 Lisa Gooch, Capital 516,700 516,700 Lisa Gooch, Drawing 25,000 25,000 Fees Earned 348,500 348,500 Salary Expense 186,500 (c) 2,500 189,000 Supplies Expense (a) 7,500 7,500 Depreciation Expense (b) 5,600 5,600 Miscellaneous Expense 11,100 11,100 913,700 913,700 15,600 15,600…
Beacon Signals Company maintains and repairs warning lights, such as Beacon Signals Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year:Beacon Signals CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2019Unadjusted Trial Balance Adjustments Adjusted Trial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.Cash 13,000.00 13,000.00Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00Supplies 3,000.00 (c) 2,250.00 750.00Land 98,000.00 98,000.00Building 500,000.00 500,000.00Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00Equipment 121,900.00 121,900.00Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00Accounts Payable 15,700.00 15,700.00Salaries and Wages Payable (f) 4,900.00 4,900.00Unearned Rent 2,100.00 (g) 1,300.00 800.00Sarah Colin, Capital 238,100.00 238,100.00Sarah Colin, Drawing 10,000.00 10,000.00Fees Earned 388,700.00 (a) 12,500.00…
Beacon Signals Company maintains and repairs warning lights, such as Beacon Signals Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year:Beacon Signals CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2019Unadjusted Trial Balance Adjustments Adjusted Trial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.Cash 13,000.00 13,000.00Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00Supplies 3,000.00 (c) 2,250.00 750.00Land 98,000.00 98,000.00Building 500,000.00 500,000.00Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00Equipment 121,900.00 121,900.00Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00Accounts Payable 15,700.00 15,700.00Salaries and Wages Payable (f) 4,900.00 4,900.00Unearned Rent 2,100.00 (g) 1,300.00 800.00Sarah Colin, Capital 238,100.00 238,100.00Sarah Colin, Drawing 10,000.00 10,000.00Fees Earned 388,700.00 (a) 12,500.00…
Beacon Signals Company maintains and repairs warning lights, such as Beacon Signals Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year:Beacon Signals CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2019Unadjusted Trial Balance Adjustments Adjusted Trial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.Cash 13,000.00 13,000.00Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00Supplies 3,000.00 (c) 2,250.00 750.00Land 98,000.00 98,000.00Building 500,000.00 500,000.00Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00Equipment 121,900.00 121,900.00Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00Accounts Payable 15,700.00 15,700.00Salaries and Wages Payable (f) 4,900.00 4,900.00Unearned Rent 2,100.00 (g) 1,300.00 800.00Sarah Colin, Capital 238,100.00 238,100.00Sarah Colin, Drawing 10,000.00…
4. The following is extracted trial balance of Grey Grig Ltd as at 30 June 2019. Grey Grig LtdTrial Balance as at 30 June 2019Particulars Debit (RM) Credit (RM)Equipment rental 940Insurance 1,804Lighting and heating expenses 1,990Motor expenses 2,350Salaries and wages 48,580Sales 382,420Purchase 245,950Sundry expenses 624Lorry 19,400Account payable 23,408Account receivable 44,516Fixtures 4,600Shop 174,000Cash at bank 11,346Drawings 44,000Capital 194,272TOTAL 600,100 600,100Inventory at 30 June 2019 was RM29,304.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2019 ii. Statement of Financial Position as 30 June 2019
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: The Gorman GroupEnd-of-Period SpreadsheetFor the Year Ended October 31, 2019 Adjusted Trial Balance Account Title Dr. Cr. Cash 14,380 Accounts Receivable 31,300 Supplies 4,890 Prepaid Insurance 10,560 Land 111,000 Buildings 400,000 Accumulated Depreciation-Buildings 130,300 Equipment 289,000 Accumulated Depreciation-Equipment 169,700 Accounts Payable 37,020 Salaries Payable 3,670 Unearned Rent 1,660 Nicole Gorman, Capital 474,850 Nicole Gorman, Drawing 27,800 Service Fees 527,880 Rent Revenue 5,570 Salaries Expense 378,440 Depreciation Expense—Equipment 20,500 Rent Expense 17,200 Supplies Expense 12,180 Utilities Expense 11,000 Depreciation…
Taser Consulting is a consulting firm owned and operated by Annamarie Phipps. The following end-of-period spreadsheet was prepared for the year ended October 31, 2018: Taser Consulting End-of-Period Spreadsheet For the Year Ended October 31, 2018 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 45,000 45,000 Accounts Receivable 119,200 119,200 Supplies 11,900 7,500 4,400 Office Equipment 400,000 400,000 Accumulated Depreciation 56,000 6,000 62,000 Accounts Payable 20,500 20,500 Salaries Payable 9,000 9,000 Common Stock 75,000 75,000 Retained Earnings 180,700 180,700 Dividends 25,000 25,000 Fees Earned 800,000 800,000 Salary Expense 520,000 9,000 529,000 Supplies Expense 7,500 7,500 Depreciation Expense 6,000 6,000 Miscellaneous Expense 11,100 11,100 1,132,200…
a) Prepare the general journal.b) Post all the transactions into the ledger accounts.c) Prepare the Trial Balance as at 30 September 2020.d) Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 30September 2020.e) Prepare the Statement of Financial Position as at 30 September 2020.
Read the following information and answer questions that follow.Tamapo prepared the following trial balance as at 31 December 2019 which contains errors: TamapoTrial Balance as at 31 December 2019P PMotor Vehicle at net 38,000.00 Sales 109,000.00Purchases 80,230.00Inventory 5,100.00Bank Overdraft 13,900.00Cash in Hand 1,500.00Drawings 6,500.00Discount Allowed 720.00Other Operating Expenses 9,350.00Wages and Salaries 16,500.00Capital 35,000.00Difference 60,700.00 188,250.00 188,250.00Required:Prepare a corrected trial balance as at 31 December 2019.

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