Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. T

Question

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. Be sure to read the instructions for each financial statement carefully. Prepare an income statement for the year ended June 30, 2016 for Elliptical 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. Prepare a statement of owner's equity for the year ended June 30. 2016 for Elliptical Consulting. No additional investments were made during the year. If a net loss has been incurred or there has been a decrease in owner's 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. Prepare a balance sheet as of June 30, 2016 for Elliptical Consulting. 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.

Explanation / Answer

Yes, the calculations are perfect, no changes required in this solution.

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