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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:

Demo Consulting
End-of-Period Spreadsheet
For the Year Ended August 31, 20Y9
UnadjustedAdjusted
Trial BalanceAdjustmentsTrial Balance
Account TitleDr.Cr.Dr.Cr.Dr.Cr.
Cash12,32012,320
Accounts Receivable29,33029,330
Supplies3,1102,610500
Land25,52025,520
Office Equipment24,05024,050
Accumulated Depreciation3,2601,5504,810
Accounts Payable7,9207,920
Salaries Payable380380
Common Stock9,9009,900
Retained Earnings20,02020,020
Dividends3,8103,810
Fees Earned80,80080,800
Salary Expense21,41038021,790
Supplies Expense2,6102,610
Depreciation Expense1,5501,550
Miscellaneous Expense2,3502,350
121,900121,9004,5404,540123,830123,830

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

Demo Consulting
Income Statement
For the Year Ended August 31, 20Y9
Fees earned$
Expenses:
Salary expense$
Supplies expense
Depreciation expense
Miscellaneous expense
Total expenses
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, $3,100 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, 20Y9
Common StockRetained EarningsTotal
Balances, September 1, 20Y8$$$
Issued common stock
Net income
Dividends
Balances, August 31, 20Y9$$$

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 Consulting
Balance Sheet
August 31, 20Y9
Assets
Current assets:
Cash$
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$

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