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**

| Account Title | Unadjusted Trial Balance Dr. | Cr. | Adjustments Dr. | Cr. | Adjusted Trial Balance 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 | |
| Totals | 913,700 | 913,700 | 15,600 | 15,600 | 921,800 | 921,800 |

Based on the preceding spreadsheet, prepare the following financial statements for Bamboo Consulting. Be sure to read the instructions for each financial statement carefully.

1. **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.

2. **Prepare a statement of owner’s 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 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.

3. **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.

**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

**REVENUE**

41 Fees Earned

**EXPENSES**

51 Salary Expense

52 Supplies Expense

53 Depreciation Expense

54 Miscellaneous Expense

**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 owner’s equity

Increase in owner’s 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 owner’s equity

Total property, plant, and equipment

Total revenues