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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Financial statements from the end-of-period spreadsheet

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, 2016:

Chapter 4, Problem 4.4EX, Financial statements from the end-of-period spreadsheet Elliptical Consulting is a consulting firm

Based on the preceding spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for Elliptical 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
  • Statement of owners’ equity
  • Statement of cash flows

To Prepare: An income statement for the year ended June 30, 2016.

Explanation
E Consulting
Income Statement
Year Ended July 31, 2016
Particulars Amount ($) Amount ($)
Revenues:    
    Fees Earned   60,000
Expenses:   �...
To determine

To Prepare: The statement of owners’ equity for the year ended June 30, 2016.

To determine

To Prepare: The balance sheet of E Consulting at June 30, 2016.

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