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	9,690						9,690
Accounts Receivable	23,080						23,080
Supplies	2,450					2,050	400
Land	20,080						20,080
Office Equipment	18,930						18,930
Accumulated Depreciation		2,560				1,220		3,780
Accounts Payable		6,230						6,230
Salaries Payable						300		300
Common Stock		7,800						7,800
Retained Earnings		15,740						15,740
Dividends	3,000						3,000
Fees Earned		64,060						64,060
Salary Expense	17,310			300			17,610
Supplies Expense				2,050			2,050
Depreciation Expense				1,220			1,220
Miscellaneous Expense	1,850						1,850
	96,390	96,390		3,570		3,570	97,910	97,910

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, $3,100 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