Olympia Consulting Adjusted Trial Balance Based on the Adjusted Trial Balance, 1

Question

Olympia Consulting

Adjusted Trial Balance

Based on the Adjusted Trial Balance,

1. Prepare an income statement

2. Retained earnings statement

3. Balance sheet for Olympia Consulting

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

Explanation / Answer

1. Prepare an income statement

2. Retained earnings statement

3

3. Balance sheet for Olympia Consulting

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

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