Financial Statements from the End-of-Period Spreadsheet

Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period spreadsheet was prepared for the year ended August 31, 20Y9:

Demo Consulting
	End-of-Period Spreadsheet
	For the Year Ended August 31, 20Y9
	Unadjusted						Adjusted
	Trial Balance		Adjustments				Trial Balance
Account Title	Dr.	Cr.		Dr.		Cr.	Dr.	Cr.
Cash	10,640						10,640
Accounts Receivable	25,330						25,330
Supplies	2,680					2,250	430
Land	21,530						21,530
Office Equipment	20,260						20,260
Accumulated Depreciation		2,810				1,340		4,150
Accounts Payable		6,840						6,840
Salaries Payable						330		330
Common Stock		8,500						8,500
Retained Earnings		17,340						17,340
Dividends	3,290						3,290
Fees Earned		69,520						69,520
Salary Expense	19,250			330			19,580
Supplies Expense				2,250			2,250
Depreciation Expense				1,340			1,340
Miscellaneous Expense	2,030						2,030
	105,010	105,010		3,920		3,920	106,680	106,680

ased on the preceding spreadsheet, prepare an income statement for Demo Consulting.

Demo Consulting
Income Statement
For the Year Ended August 31, 20Y9

Accounts receivableCashEquipmentFees earnedSuppliesFees earned		$Fees earned
Expenses:
Accounts payableCashFees earnedSalaries payableSalary expenseSalary expense	$Salary expense
Accounts payableDividendsOffice equipmentSuppliesSupplies expenseSupplies expense	Supplies expense
Accounts payableAccounts receivableAccumulated depreciationDepreciation expenseSuppliesDepreciation expense	Depreciation expense
Accounts payableAccumulated depreciationCashCommon stockMiscellaneous expenseMiscellaneous expense	Miscellaneous expense
Total expenses		fill in the blank faabe708b07005b_11
Net incomeNet lossNet income		$Net income

Question Content Area

Based on the preceding spreadsheet, prepare a statement of stockholders’ equity for Demo Consulting. During the year ended August 31, 20Y9, $3,400 of additional common stock was issued. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.

Demo Consulting
Statement of Stockholders’ Equity
For the Year Ended August 31, 20Y9

blank	Common Stock	Retained Earnings	Total
Balances, September 1, 20Y8Balances, August 31, 20Y9CashNet incomeSuppliesBalances, September 1, 20Y8	$Balances, September 1, 20Y8	$Balances, September 1, 20Y8	$Balances, September 1, 20Y8
Accounts payableCashIssued common stockOffice equipmentSalaries payableIssued common stock	Issued common stock	Issued common stock	Issued common stock
Accounts payableCashNet incomeOffice equipmentSalaries payableAccounts payable	Accounts payable	Accounts payable	Accounts payable
Accounts payableCashDividendsFees earnedOffice equipmentDividends	Dividends	Dividends	Dividends
Balances, September 1, 20Y8Balances, August 31, 20Y9CashNet incomeSuppliesNet income	$Net income	$Net income	$Net income

Question Content Area

Based on the preceding spreadsheet, prepare a balance sheet for Demo Consulting.

Demo Consulting
Balance Sheet
August 31, 20Y9

Assets
Current assets:
Accounts payableCashFees earnedNet incomeOffice equipmentCash		$Cash
Accounts payableAccounts receivableFees earnedOffice equipmentSupplies expenseAccounts receivable		Accounts receivable
Accounts payableCashCommon stockRetained earningsSuppliesSupplies		Supplies
Total current assets
Property, plant, and equipment:
CashDepreciation expenseLandRetained earningsSuppliesLand		$Land
CashDepreciation expenseOffice equipmentRetained earningsSupplies		blank
Accounts payableAccumulated depreciationCashDepreciation expenseDividends	- Select -	blank
Accounts payableBook value-office equipmentCashDepreciation expenseDividends	blank	- Select -	blank
Total property, plant, and equipment	blank		fill in the blank 9bc4a1fecff4f97_16
Total assets			$fill in the blank 9bc4a1fecff4f97_17
Liabilities
Current liabilities:
Accounts payableAccounts receivableFees earnedOffice equipmentRetained earnings		$
CashNet incomeOffice equipmentSalaries payableSalary expense
Total liabilities
Stockholders' Equity
Accounts receivableCommon stockNet incomeOffice equipmentSupplies
Accounts receivableNet incomeOffice equipmentRetained earningsSupplies
Total stockholders' equity
Total liabilities and stockholders' equity

Answer rating: 100% (QA)

ANSWER ATTACHED IMAGE Demo Consulting Income Statement For The Year Ended August 31 20Y9 Fees earned ... View the full answer