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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 Expenses: Tutal expenses Dased on the preceding spreadsheet, prepare a statement of stockholders equity for Demo Consulting. tr a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. I 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

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 Expenses: Tutal expenses Dased on the preceding spreadsheet, prepare a statement of stockholders equity for Demo Consulting. tr a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. I 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How would I prepare the income statement, statement of stockholder's equity, and balance sheet for Demo consulting? 

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. 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 Expenses: Total expenses Based on the preceding spreadsheet, prepare a statement of stockholders' equity for Demo Consulting. Ir 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
Transcribed Image Text: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. 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 Expenses: Total expenses Based on the preceding spreadsheet, prepare a statement of stockholders' equity for Demo Consulting. Ir 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
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
Transcribed Image Text: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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