Need help finishing this problem   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 11,700           11,700   Accounts Receivable 27,850           27,850   Supplies 2,950         2,480 470   Land 23,950           23,950   Office Equipment 22,560           22,560   Accumulated Depreciation   3,090       1,480   4,570 Accounts Payable   7,520           7,520 Salaries Payable           360   360 Common Stock   9,400           9,400 Retained Earnings   19,010           19,010 Dividends 3,620           3,620   Fees Earned   76,730           76,730 Salary Expense 20,890     360     21,250   Supplies Expense       2,480     2,480   Depreciation Expense       1,480     1,480   Miscellaneous Expense 2,230           2,230     115,750 115,750   4,320   4,320 117,590 117,590 Based on the preceding spreadsheet, prepare an income statement for Demo Consulting. Demo ConsultingIncome StatementFor the Year Ended August 31, 20Y9     $Fees earned Expenses:       $Salary expense     Supplies expense     Depreciation expense     Miscellaneous expense   Total expenses   fill in the blank 7b59aa061fe6fce_11     $Net income     Feedback   Revenue 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, $3,700 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 ConsultingStatement of Stockholders’ EquityFor the Year Ended August 31, 20Y9   Common Stock Retained Earnings Total   $Balances, September 1, 20Y8 $Balances, September 1, 20Y8 $Balances, September 1, 20Y8   Issued common stock Issued common stock Issued common stock   Net income Net income Net income   Dividends Dividends Dividends   $Balances, August 31, 20Y9 $Balances, August 31, 20Y9 $Balances, August 31, 20Y9     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 ConsultingAugust 31, 20Y9 Assets Current assets:           $Cash       Accounts receivable       Supplies   Total current assets     $fill in the blank 5cc2b502e03efa1_7 Property, plant, and equipment:           $Land     $Office equipment       Accumulated depreciation         Book value-office equipment   Total property, plant, and equipment     fill in the blank 5cc2b502e03efa1_16 Total assets     $fill in the blank 5cc2b502e03efa1_17 Liabilities Current liabilities:           $Accounts payable       Salaries payable   Total liabilities     $fill in the blank 5cc2b502e03efa1_22 Stockholders' Equity     $Common stock       Retained earnings   Total stockholders' equity     fill in the blank 5cc2b502e03efa1_27 Total liabilities and stockholders' equity     $fill in the blank 5cc2b502e03efa1_28

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

Need help finishing this problem

 

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 11,700           11,700  
Accounts Receivable 27,850           27,850  
Supplies 2,950         2,480 470  
Land 23,950           23,950  
Office Equipment 22,560           22,560  
Accumulated Depreciation   3,090       1,480   4,570
Accounts Payable   7,520           7,520
Salaries Payable           360   360
Common Stock   9,400           9,400
Retained Earnings   19,010           19,010
Dividends 3,620           3,620  
Fees Earned   76,730           76,730
Salary Expense 20,890     360     21,250  
Supplies Expense       2,480     2,480  
Depreciation Expense       1,480     1,480  
Miscellaneous Expense 2,230           2,230  
  115,750 115,750   4,320   4,320 117,590 117,590

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

Demo ConsultingIncome StatementFor the Year Ended August 31, 20Y9
 
  $Fees earned
Expenses:    
 
$Salary expense  
 
Supplies expense  
 
Depreciation expense  
 
Miscellaneous expense  
Total expenses   fill in the blank 7b59aa061fe6fce_11
 
  $Net income
 
 
Feedback
 

Revenue 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, $3,700 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 ConsultingStatement of Stockholders’ EquityFor the Year Ended August 31, 20Y9
  Common Stock Retained Earnings Total
 
$Balances, September 1, 20Y8 $Balances, September 1, 20Y8 $Balances, September 1, 20Y8
 
Issued common stock Issued common stock Issued common stock
 
Net income Net income Net income
 
Dividends Dividends Dividends
 
$Balances, August 31, 20Y9 $Balances, August 31, 20Y9 $Balances, August 31, 20Y9
 
 
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 ConsultingAugust 31, 20Y9
Assets
Current assets:      
 
  $Cash  
 
  Accounts receivable  
 
  Supplies  
Total current assets     $fill in the blank 5cc2b502e03efa1_7
Property, plant, and equipment:      
 
  $Land  
 
$Office equipment    
 
Accumulated depreciation    
 
  Book value-office equipment  
Total property, plant, and equipment     fill in the blank 5cc2b502e03efa1_16
Total assets     $fill in the blank 5cc2b502e03efa1_17
Liabilities
Current liabilities:      
 
  $Accounts payable  
 
  Salaries payable  
Total liabilities     $fill in the blank 5cc2b502e03efa1_22
Stockholders' Equity
 
  $Common stock  
 
  Retained earnings  
Total stockholders' equity     fill in the blank 5cc2b502e03efa1_27
Total liabilities and stockholders' equity     $fill in the blank 5cc2b502e03efa1_28
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education