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Financial statements from the end-of-period spreadsheet Demo Consulting is a consulting firm owned and operated by...

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:

During the year ended August 31, 20Y9, $15,000 of additional common stock was issued.

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 182,500 182,500
Accounts Receivable 234,500 234,500
Supplies 27,600 22,600 5,000
Land 775,000 775,000
Office Equipment 400,000 400,000
Accumulated Depreciation 60,200 11,800 72,000
Accounts Payable 41,500 41,500
Salaries Payable 13,500 13,500
Common Stock 100,000 100,000
Retained Earnings 810,000 810,000
Dividends 30,000 30,000
Fees Earned 1,480,000 1,480,000
Salary Expense 829,600 13,500 843,100
Supplies Expense 22,600 22,600
Depreciation Expense 11,800 11,800
Miscellaneous Expense 12,500 12,500
2,491,700 2,491,700 47,900 47,900 2,517,000 2,517,000

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

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

Feedback

Revenue and expense accounts flow into the income statement.

Based on the preceding spreadsheet, prepare a statement of stockholders’ equity for Demo Consulting. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank.

Demo Consulting
Statement of Stockholders’ Equity
For the Year Ended August 31, 20Y9
Common Stock Retained Earnings Total
$ $ $
$ $ $

Feedback

The statement of stockholders' equity shows the beginning balances of common stock and retained earnings. The common stock balance will be increased by any stock issued during the period, and retained earnings will be increased by any net income and decreased by any net losses and dividends.

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 $

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