Statements from the End-of-Period SpreadsheetDemo ConsultingIncome StatementStockholders' EquityDemo ConsultingEnd-of-Period SpreadsheetEnded August 31, 2010008giveneat was prepared for the year ended August 31, 2019:

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 14P: Gray Company lists the following shareholders equity items on its December 31, 2018, balance sheet:...

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Question

Statements from the End-of-Period Spreadsheet
Demo Consulting
Income Statement
Stockholders' Equity
Demo Consulting
End-of-Period Spreadsheet
Ended August 31, 201
0
00
8
given
eat was prepared for the year ended August 31, 2019:

Expert Solution

Step 1: Define Financial Statements -

1. Income Statement

2. Balance Sheet

The first statement shows the income earned and loss incurred by the organization in the financial year. It gives a summary of the revenue earned during the accounting period and expenses incurred during the accounting year. It also shows the net profit or loss made by the organization.

The second statement shows the balance of assets liabilities and equity as of the balance sheet date. Assets include current Assets which are short-term in nature. Long Term Assets are long-term in nature. Liabilities are the obligations of the organization which need to be paid by the company. Equity includes the amount invested in the business.