accounting – owners equity

ANSWER ALL QUESTIONS IN FIELD: READ CAREFULLY PLEASE LABEL EACH QUESTION

 

Don't use plagiarized sources. Get Your Custom Essay on
accounting – owners equity
Just from $13/Page
Order Essay

Question 1

Classifying Accounts

Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue, or expense.

1.  Accounts Receivable  
2.  Equipment  
3.  Fees Earned  
4.  Insurance Expense  
5.  Land  
6.  Prepaid Rent  
7.  Rent Revenue  
8.  Salary Expense  
9.  Salary Payable  
10.  Supplies  
11.  Unearned Rent  
12.  Wages Payable  

 

Question 2

 

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, 2019:

  Elliptical Consulting
  End-of-Period Spreadsheet
  For the Year Ended June 30, 2019
  Unadjusted         Adjusted
  Trial Balance Adjustments Trial Balance
Account Title    Dr.    Cr.      Dr.      Cr.    Dr.    Cr.
                 
Cash 27,000           27,000  
Accounts Receivable 53,500           53,500  
Supplies 3,000       (a) 2,100 900  
Office Equipment 30,500           30,500  
Accumulated Depreciation   4,500     (b) 1,500   6,000
Accounts Payable   3,300           3,300
Salaries Payable          (c) 375   375
Jayson Neese, Capital   82,200           82,200
Jayson Neese, Drawing 2,000           2,000  
Fees Earned   60,000           60,000
Salary Expense 32,000   (c) 375     32,375  
Supplies Expense     (a) 2,100     2,100  
Depreciation Expense     (b) 1,500     1,500  
Miscellaneous Expense 2,000           2,000  
  150,000 150,000   3,975   3,975 151,875 151,875

 

Based on the preceding spreadsheet, prepare an income statement for Elliptical Consulting.

Elliptical Consulting
Income Statement
For the Year Ended June 30, 2019
  $
Expenses:
  $
 
 
 
Total expenses
  $

Based on the preceding spreadsheet, prepare a statement of owner’s equity for Elliptical Consulting.

Elliptical Consulting
Statement of Owner’s Equity
For the Year Ended June 30, 2019
  $
  $
 
 
  $

Based on the preceding spreadsheet, prepare a balance sheet for Elliptical Consulting.

Elliptical Consulting
Balance Sheet
June 30, 2019
Assets
Current assets:
  $
 
 
Total current assets $
Property, plant, and equipment:
  $
 
Total property, plant, and equipment
Total assets $
Liabilities
Current liabilities:
  $
 
Total liabilities $
Owner’s Equity
 
Total liabilities and owner’s equity $

Academic Heros
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

Our writers are encouraged to read and research widely to have rich information before writing clients’ papers. Therefore, be it high school or PhD level paper, it will always be a well-researched work handled by experts.

Professional and Experienced Academic Writers

For one to become part of our team, thorough interview and vetting is undertaken to make sure their academic level and experience are beyond reproach, hence enabling us give our clients top quality work.

Free Unlimited Revisions

Once you have received your paper and feel that some issues have been missed, just request for revision and it will be done. In addition, you can present your work to the tutor and he/she asks for improvement/changes, we are always ready to assist.

Prompt Delivery and 100% Money-Back-Guarantee

All our papers are sent to the clients before the deadline to allow them time to review the work before presenting to the tutor. If for some reason we feel our writers cannot meet the deadline, we will contact you to ask for more time. If this is not possible, then the paid amount will be refunded.

Original & Confidential

Our writers have been trained to ensure work produced is free of plagiarism. Software to check originality are also applied. Our clients’ information is highly guarded from third parties to ensure confidentiality is maintained.

24/7 Customer Support

Our support team is available 24 hours, 7 days a week. You can reach the team via live chat, email or phone call. You can always get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

You have had a hectic day, and still need to complete your assignment, yet it is late at night. No need to panic. Place your order with us, retire to bed, and once you wake up, the paper will be ready.

Essays

Essay Writing Service

It does not matter the urgency of your paper, or the academic level, our team is ready to help you 24/7. Just contact us and all your academic needs will be sorted.

Admissions

Admission Essays & Business Writing Help

A student is often required to write an admission letter requesting to be admitted in a certain institution. For you to be gain that admission in your dream institution, you must write a convincing letter. You can depend on our team for the best admission letters.

Reviews

Editing Support

Academic writing is not just about getting information and throwing it all over. Our team will ensure you have a polished paper that is coherent and has a good flow of information. We also ensure the paper follows the correct formatting styles like APA, Harvard, MLA, Chicago/Turabian.

Reviews

Revision Support

If our writers write a paper but you are not satisfied in one way or another, you can always ask for revision. This is totally free. Our writers and editors will revise your paper untill you are be totally satisfied. We as well offer revision for papers not done by our writers at a small fee.