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, 2019: Demo Consulting End-of-Period Spreadsheet For the Year Ended August 31, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,720 10,720 Accounts Receivable 25,530 25,530 Supplies 2,710 2,270 440 Land 21,960 21,960 Office Equipment 20,680 20,680 Accumulated Depreciation 2,830 1,350 4,180 Accounts Payable 6,890 6,890 Salaries Payable 330 330 Common Stock 8,600 8,600 Retained Earnings 17,440 17,440 Dividends Fees Earned 70,350 70,350 Salary Expense 19,150 330 19,480 Supplies Expense 2,270 2,270 3,320 3,320 D Next Based on the preceding spreadsheet, prepare an income statement for Demo Consulting. Demo Consulting Income Statement For the Year Ended August 31, 2019 Fees earned Expenses: Salary expense Supplies expense Depreciation expense Miscellaneous expense Total expenses Net income Based on the preceding spreadsheet, prepare a statement of stockholders' equity for Demo common stock was issued. If an amount box does not require an entry, leave it blank. If ar Based on the preceding spreadsheet, prepare a statement of stockholders' equity for Demo Consulting. During the year ended August 31, 2049, $3,400 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 Consulting Statement of Stockholders' Equity For the Year Ended August 31, 2019 Common Stock Retained Earnings Total Balances, September 1, 2018 Issued common stock Net Income Dividends Balances, August 31, 2049 Based on the preceding spreadsheet, prepare a balance sheet for Demo Consulting Demo Consulting Balance Sheet August 31, 2019 Assets Current assets: Cash Accounts receivable Supplies Total current assets Property, plant, and equipment: Based on the preceding spreadsheet, prepare a balance sheet for Demo Consulting. Demo Consulting Balance Sheet August 31, 2019 Assets Current assets: Cash Accounts receivable Supplies U Total current assets Property, plant, and equipment: Land Office equipment Accumulated depreciation Book value-office equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total abilities Accounts receivable Supplies Total current assets Property, plant, and equipment: Land Office equipment Accumulated depreciation Book value-office equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity
