Financial statements from the end-of-period spreadsheet
Holism Consulting is a consulting firm owned and operated by Scott Cutler. The end-of period spreadsheet shown below was prepared for the year ended May 31, 2014.
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Holism Consulting
End-of-Period Spreadsheet
For the Year Ended May 31, 2014
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Unadjusted
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Adjusted
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Trial Balance
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Adjusted
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Trial Balance
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Account Title
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Dr.
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Cr.
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Dr.
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Cr.
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Dr.
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Cr.
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Cash
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38,000
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38,000
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Accounts Receivable
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90,000
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90,000
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Supplies
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9,600
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(a) 6,000
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3,600
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Office Equipment
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74,000
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74,000
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Accumulated Depreciation
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10,000
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(b) 4,800
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14,800
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Accounts Payable
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24,400
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24,400
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Salaries Payable
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(c ) 1,500
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1,500
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Capital Stock
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10,000
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10,000
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Retained Earnings
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80,400
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80,400
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Dividends
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12,000
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12,000
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Fees Earned
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175,200
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175,200
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Salary Expense
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69,000
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(c) 1,500
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70,500
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Supplies Expense
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(a) 6,000
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6,000
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Depreciation Expense
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(b) 4,800
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4,800
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Miscellaneous Expense
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7,400
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7,400
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300,000
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300,000
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12,300
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12,300
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306,300
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306,300
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Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Holism Consulting.