Question

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	10,230						10,230
Accounts Receivable	24,350						24,350
Supplies	2,580					2,170	410
Land	20,700						20,700
Office Equipment	19,480						19,480
Accumulated Depreciation		2,700				1,290		3,990
Accounts Payable		6,570						6,570
Salaries Payable						320		320
Common Stock		8,200						8,200
Retained Earnings		16,640						16,640
Dividends	3,170						3,170
Fees Earned		66,610						66,610
Salary Expense	18,260			320			18,580
Supplies Expense				2,170			2,170
Depreciation Expense				1,290			1,290
Miscellaneous Expense	1,950						1,950
	100,720	100,720		3,780		3,780	102,330	102,330

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

Demo Consulting
Income Statement
For the Year Ended August 31, 20Y9
		$
Expenses:
	$
Total expenses
		$

Based on the preceding spreadsheet, prepare a statement of stockholders’ equity for Demo Consulting. During the year ended August 31, 20Y9, $3,200 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
	Common Stock	Retained Earnings	Total
	$	$	$
	$	$	$

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

Demo Consulting
Balance Sheet
August 31, 20Y9
Assets
Current assets:
		$
Total current assets			$
Property, plant, and equipment:
		$
	$
Total property, plant, and equipment
Total assets			$
Liabilities
Current liabilities:
		$
Total liabilities			$
Stockholders' Equity
		$
Total stockholders' equity
Total liabilities and stockholders' equity			$

Answer 1