Introductions

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:

	Bamboo Consulting
	End-of-Period Spreadsheet
	For the Year Ended July 31, 2016
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	58,000				58,000
Accounts Receivable	106,200				106,200
Supplies	11,900			(a) 7,500	4,400
Office Equipment	515,000				515,000
Accumulated Depreciation		28,000		(b) 5,600		33,600
Accounts Payable		20,500				20,500
Salaries Payable				(c) 2,500		2,500
Lisa Gooch, Capital		516,700				516,700
Lisa Gooch, Drawing	25,000				25,000
Fees Earned		348,500				348,500
Salary Expense	186,500		(c) 2,500		189,000
Supplies Expense			(a) 7,500		7,500
Depreciation Expense			(b) 5,600		5,600
Miscellaneous Expense	11,100				11,100
	913,700	913,700	15,600	15,600	921,800	921,800

Based on the preceding spreadsheet, prepare an income statement, statement of owners equity, and balance sheet for Bamboo Consulting. Be sure to read the instructions for each financial statement carefully. CHART OF ACCOUNTS Bamboo Consulting General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Office Equipment 15 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Salaries Payable EQUITY 31 Lisa Gooch, Capital 32 Lisa Gooch, Drawing 33 Income Summary Labels Current assets Current liabilities Expenses For the Year Ended July 31, 2016 July 31, 2016 Property, plant, and equipment Revenues Amount Descriptions Add withdrawals Decrease in owners equity Increase in owners equity Less withdrawals Lisa Gooch, capital Lisa Gooch, capital, August 1, 2015 Lisa Gooch, capital, July 31, 2016 Net income Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and owners equity Total property, plant, and equipment Total revenues Income Statement Prepare an income statement for the year ended July 31, 2016 for Bamboo Consulting. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. Bamboo Consulting Income Statement 1 2 3 4 5 6 7 8 Prepare a statement of owners equity for the year ended July 31, 2016 for Bamboo Consulting. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owners equity, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items. Bamboo Consulting Statement of Owners Equity 1 2 3 4 5 Prepare a balance sheet as of July 31, 2016 for Bamboo Consulting. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Bamboo Consulting Balance Sheet 1 Assets 2 3 4 5 6 7 8 9 10 11 12 Liabilities 13 14 15 16 17 Owners equity 18 19 REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Supplies Expense 53 Depreciation Expense 54 Miscellaneous Expense