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Financial statements from the end-of-period spreadsheet 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, 2016: Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Bamboo Consulting.

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Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307

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Chapter
Section
BuyFindarrow_forward

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
Chapter 4, Problem 4.3EX
Textbook Problem
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Financial statements from the end-of-period spreadsheet

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, 2016:

Chapter 4, Problem 4.3EX, Financial statements from the end-of-period spreadsheet Bamboo Consulting is a consulting firm owned

Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Bamboo Consulting.

To determine

Financial statement

A financial statement is the complete record of financial transactions that take place in a company at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. There are four basic financial statements; they are:

  • Balance Sheet
  • Income statement
  • Retained earnings statement
  • Statement of cash flows

To Prepare: An income statement for the year ended July 31, 2016.

Explanation of Solution

B Consulting
Income Statement
Year Ended July 31, 2016
Particulars Amount ($) Amount ($)
Revenues:    
    Fees Earned   348,500
Expenses:    
To determine

To Prepare: The retained earnings statement for the year ended July 31, 2016.

To determine

To Prepare: The balance sheet of B Consulting at July 31, 2016.

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Chapter 4 Solutions

Financial & Managerial Accounting
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Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Marcie Davies owns and...Ch. 4 - Retained earnings statement Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Working capital and current ratio Balance sheet...Ch. 4 - Working capital and current ratio Balance sheet...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation had the...Ch. 4 - Retained earnings statement Apex Systems Co....Ch. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Optimum Weight Loss Co. offers...Ch. 4 - Balance sheet List the errors you find in the...Ch. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Closing entries with net income After all revenue...Ch. 4 - Closing entries with net loss Mira Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Working capital and current ratio The following...Ch. 4 - Working capital and current ratio The following...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Adjustment data on an end-of-period spreadsheet...Ch. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Adjustment data on an end-of-period spreadsheet...Ch. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Finders...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and dosing entries The Gorman...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Comprehensive problem 1 Kelly Pitney began her...Ch. 4 - Continuing Problem The unadjusted trial balance of...Ch. 4 - Ethics and professional conduct in business...Ch. 4 - Financial statements The following is an excerpt...Ch. 4 - Financial statements Assume that you recently...

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