| Olympia Consulting
Adjusted Trial Balance |
||
| For the Year Ended April 30, 2015 | ||
| Account Title | Debit | Credit |
| Cash | 27,500 | |
| Accounts Receivable | 53,500 | |
| Supplies | 1,200 | |
| Office Equipment | 30,500 | |
| Accumulated Depreciation | 5,250 | |
| Accounts Payable | 3,300 | |
| Salaries Payable | 450 | |
| Capital Stock | 30,000 | |
| Retained Earnings | 52,200 | |
| Dividends | 2,000 | |
| Fees Earned | 60,000 | |
| Salary Expense | 32,450 | |
| Supplies Expense | 1,800 | |
| Depreciation Expense | 750 | |
| Miscellaneous Expense | 1,500 | |
| Total | 151,200 | 151,200 |
Based on the Adjusted Trial Balance,
1. Prepare an income statement
2. Retained earnings statement
3. Balance sheet for Olympia Consulting
1. Prepare an income statement
| Olympia Consulting | ||
| Income Statement | ||
| For the Year Ended April 30, 2015 | ||
| Particular | Amount in $ | Amount in $ |
| Fees earned | 60,000 | |
| Expenses: | ||
| Salary expense | 32450 | |
| Supplies expense | 1800 | |
| Depreciation expense | 750 | |
| Miscellaneous expense | 1500 | |
| Total expenses | 36500 | |
| Net income | 23500 | |
2. Retained earnings statement
| Olympia Consulting | ||
| Statement of Retained Earning | ||
| For the Year Ended April 30, 2015 | ||
| Particular | Amount in $ | Amount in $ |
| Retained earning on May 1-2014 | 52200 | |
| Net income | 23500 | |
| Less withdrawals | 2000 | |
| Increase in owner’s equity | 21500 | |
| capital, April 30, 2015 | 73700 | |
3
3. Balance sheet for Olympia Consulting
| Olympia Consulting | ||
| Balance Sheet | ||
| April 30,2015 | ||
| Assets | ||
| Current assets: | ||
| Cash | 27500 | |
| Accounts receivable | 53500 | |
| Supplies | 1200 | |
| Total current assets | 82200 | |
| Property, plant, and equipment: | ||
| Office equipment | 30500 | |
| Less accumulated depreciation | 5250 | |
| Total property, plant, and equipment | 25250 | |
| Total assets | 107450 | |
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable | 3300 | |
| Salaries payable | 450 | |
| Total liabilities | 3750 | |
| Owner’s Equity | 30,000 | |
| Capital Stock | 73700 | |
| Total liabilities and owner’s equity | 107,450 | |
