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Accounting (Text Only)
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:
Based on the preceding spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for Elliptical Consulting.
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.
| E Consulting | ||
| Income Statement | ||
| Year Ended July 31, 2016 | ||
| Particulars | Amount ($) | Amount ($) |
| Revenues: | Â | Â |
| Â Â Â Fees Earned | Â | 60,000 |
| Expenses: |  | �... |
To Prepare: The statement of owners’ equity for the year ended June 30, 2016.
To Prepare: The balance sheet of E Consulting at June 30, 2016.
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