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, 20V9:Demo ConsultingEnd-of-Period SpreadsheetFor the Year Ended August 31, 20Y9UnadjustedAdjustedTrial BalanceAdjustmentsTrial BalanceAccount TitleDr.Cr.Dr.Cr.Dr.Cr.Cash10,71010,710Accounts Receivable25,50025,500Supplies2,7002,270430Land22,19022,190Office Equipment20,91020,910Accumulated Depreciation2,8301,3504,180Accounts Payable6,8906,890Salaries Payable330330Common Stock8,6008,600Retained Earnings17,41017,410Dividends3,3203,320Fees Earned70,77070,770Salary Expense19,13033019,460Supplies Expense2,2702,270Depreciation Expense1,3501,350Miscellaneous Expense2,0402,040106,500106,5003,9503,950108,180108,180Based on the preceding spreadsheet, prepare an income statement for Demo Consulting.Demo ConsultingIncome StatementFor the Year Ended August 31, 20Y9Fees earned v70,770Expenses:Salary expense19,460Supplies expense2,270Depreciation expense1,350Miscellaneous expense v2,040Total expenses25,120Net income45,650 Based on the preceding spreadsheet, prepare a statement of stockholders equity for Demo Consulting. During the year ended August 31, 20Y9, s3,400 of additional common stock was issued. Ir an amount box does net require an entry, leave it blank. If a net loss is incurred or dividends wire paid, enter that amount as a negative number using a minus sign.Demo ConsultingStatement of Stockholders' EquityFor the Year Ended August 31, 20Y9Common Stock Rutained EarningsTotalBalances, September 1, 20YBVIssued common stockNet income vDividendsBalances, August 31, 20Y9FeadtackTCheck My WarThe statement of stockholders' equity shows Lhe beginning balances of common stock and retained earnings. The common stock balance will be increased by any stock issuid during the period, and retained eanings will be increased by any net income and decreased by any net losses and dividendsBased on the preceding spradshoet, propare a balance sheet for Demo Conulting.Demo ConsultingBalance SheetAugust 31, 20Y9AstsCurrent assets:Cash10,710Accounts receivable25.50Supplies430Total current assets36,640Property, plare, and equipment:Land22,190Office equipment20,910Accumulated depreciation4,10Book value-office equipment16,730Total property, plant, and equipmentTotal assetsCurrent liabities:Accounts payableSalaries payable130Tetal kabilities7,220Stockholers EqutyCommon stockRetained earningsTotal stockholders equityTotal habilts and stockholders equity

Statement of stockholder’s equity: This is one of the financial statements which report any changes…

Sased on the pricading spradsht, prepare a slatument of slackholdes quaty lor Damo Consullng. During the yar indid Auguil 11, 209, S3,400 a aditional common slock wis d. an amount box dos not nequare an intry, lav it Blank. a t ls curred or drvdinds wire pad, entir that amount as a negative number ng a minui sgn Dema Consulting Statement of Stockholders Equity For the Year Ended August 31, 20Y9 Comman Stock Retained tarnings Total Balances, September 1, 20Y8 Issued common stock Nut income Dividends Balances, August 31, 20Y9 Faadhack TCheck My The statement of stockholiders equity shows the beginning balances of common stock and retained earnings. The common stock balance will be increased by any stock issuid during the periad, and retained earmings will be increased by any net income and decreased by any net losses and dividends Based on the preceding spreadshoet, prepare a balance sheet for Demo Consulting. Dema Consualting Balance Shest August 31, 20Y9 Assts Current assets: Cash 10,710 Accounts receivable 25,s00 Supplies 430 Total current ats 36640 Property, plant, and equipment: Land 22,190 Office equipment 20,910 Accumulated dupreciation 4,10 Boak value-office equipmant Total property, plant, and aquipment Tetal assets s gen Crint abiliti Accounts payable Salaries payable Total habilites 7.220 Stocholer Equity Common stock Retained earmings Total stockholders equity Tetal bablites and stockholders equity

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q