Question
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 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: | ||
$ | ||
Total expenses | ||
$ |
Based on the preceding spreadsheet, prepare a statement of stockholders equity for Demo Consulting. If 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 | $ |
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