Financial Statements from the End-of-Period SpreadsheetDemo 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 BalanceAdjustmentsTrial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.Cash12,470 12,470 Accounts Receivable29,690 29,690 Supplies3,150 2,640510 Land25,240 25,240 Office Equipment23,750 23,750 Accumulated Depreciation 3,300 1,570 4,870Accounts Payable 8,020 8,020Salaries Payable 390 390Common Stock 10,000 10,000Retained Earnings 20,280 20,280Dividends3,860 3,860 Fees Earned 80,610 80,610Salary Expense21,670 390 22,060 Supplies Expense 2,640 2,640 Depreciation Expense 1,570 1,570 Miscellaneous Expense2,380 2,380 122,210122,210 4,600 4,600124,170124,170Question Content AreaBased on the preceding spreadsheet, prepare an income statement for Demo Consulting. Based on the preceding spreadsheet, prepare an income statement for Demo Consulting.Demo ConsultingIncome StatementFor the Year Ended August 31, 20Y9Fees earnedExpenses:Salary expenseSupplies expenseDepreciation expenseMiscellaneous expenseTotal expensesNet incomeFeedback19,460 X2,270 X1,350 X2,040 X72,460 X25,120 X45,650 XCheck My WorkRevenue and expense accounts flow into the income statement.Based on the preceding spreadsheet, prepare a statement of stockholders' equity for Demo Consulting. During the year ended August 31, 20Y9, $3,900 of additional common stockwas 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. Based on the preceding spreadsheet, prepare a statement of stockholders' equity for Demo Consulting. During the year ended August 31, 20Y9, $3,900 of additional common stockwas 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.Balances, September 1, 20Y8Issued common stock✓Net incomeDividendsBalances, August 31, 20Y9Demo ConsultingStatement of Stockholders' EquityFor the Year Ended August 31, 20Y9Common Stock8,600 X3,400 XFeedback12,000 XRetained Earnings17,410 X$45,650 X-3,320 X59,740 XTotal26,010 X3,400 X45,650 X-3,320 X71,740X▼ Check My WorkThe statement of stockholders' equity shows the beginning balances of common stock and retained earnings. The common stock balance will be increased by any stockissued during the period, and retained earnings will be increased by any net income and decreased by any net losses and dividends.

Name: Financial Statements from the End-of-Period SpreadsheetDemo Consulting
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Financial Statements from the End-of-Period SpreadsheetDemo 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 Spre

Income statement represents the net income or net loss that is calculated by deducting the expenses…

Answered: Demo Consulting is a consulting firm…

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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Question Content Area

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

Based on the preceding spreadsheet, prepare a statement of stockholders' equity for Demo Consulting. During the year ended August 31, 20Y9, $3,900 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.
Balances, September 1, 20Y8
Issued common stock
✓
Net income
Dividends
Balances, August 31, 20Y9
Demo Consulting
Statement of Stockholders' Equity
For the Year Ended August 31, 20Y9
Common Stock
8,600 X
3,400 X
Feedback
12,000 X
Retained Earnings
17,410 X
$
45,650 X
-3,320 X
59,740 X
Total
26,010 X
3,400 X
45,650 X
-3,320 X
71,740
X
▼ Check My Work
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.

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	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	12,470					12,470
Accounts Receivable	29,690					29,690
Supplies	3,150				2,640	510
Land	25,240					25,240
Office Equipment	23,750					23,750
Accumulated Depreciation		3,300			1,570		4,870
Accounts Payable		8,020					8,020
Salaries Payable					390		390
Common Stock		10,000					10,000
Retained Earnings		20,280					20,280
Dividends	3,860					3,860
Fees Earned		80,610					80,610
Salary Expense	21,670			390		22,060
Supplies Expense				2,640		2,640
Depreciation Expense				1,570		1,570
Miscellaneous Expense	2,380					2,380
	122,210	122,210		4,600	4,600	124,170	124,170