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 $31,20$Y$9$:

Demo Consulting

End$-$of$-$Period Spreadsheet

For the Year Ended March $31,20$Y$9$

Account Title Unadjusted

Trial Balance

Dr$.$ Unadjusted

Trial Balance

Cr$.$ Adjustments

Dr$.$ Adjustments

Cr$.$ Adjusted

Trial Balance

Dr$.$ Adjusted

Trial Balance

Cr$.$

Cash $9,0809,080$

Accounts Receivable $21,61021,610$

Supplies $2,2901,920370$

Land $18,58018,580$

Office Equipment $17,50017,500$

Accumulated Depreciation $2,4001,1503,550$

Accounts Payable $5,8305,830$

Salaries Payable $280280$

Common Stock $7,3007,300$

Retained Earnings $14,74014,740$

Dividends $2,8102,810$

Fees Earned $59,75059,750$

Salary Expense $16,42028016,700$

Supplies Expense $1,9201,920$

Depreciation Expense $1,1501,150$

Miscellaneous Expense $1,7301,730$

$90,02090,0203,3503,35091,45091,450$

Question Content Area

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

Demo Consulting

Income Statement

For the Year Ended August $31,20$Y$9$

Fees earned

$Fees earned

$59,750$

Expenses:

Salary expense

$Salary expense

$16,700$

Supplies expense

Supplies expense

$1,920$

Depreciation expense

Depreciation expense

$1,150$

Miscellaneous expense

Miscellaneous expense

$1,730$

Total expenses fill in the blank ca$7866$f$61$feb$05$d$\_11$

$21,500$

Net income

$Net income

$38,250$

Feedback Area

Feedback

Revenue and expense accounts flow into the income statement.

Question Content Area

Based on the preceding spreadsheet, prepare a statement of stockholders$$ equity for Demo Consulting. During the year ended August $31,20$Y$9,$ $$2,900$ 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 $31,20$Y$9$

blank Common Stock Retained Earnings Total

Balances, September $1,20$Y$8$

$Balances, September $1,20$Y$8$

$Balances, September $1,20$Y$8$

$14,740$

$Balances, September $1,20$Y$8$

Issued common stock

Issued common stock

$2,900$

Issued common stock

Issued common stock

Net income

Net income

Net income

Net income

Dividends

Dividends

Dividends

Dividends

Balances, August $31,20$Y$9$

$Balances, August $31,20$Y$9$

$Balances, August $31,20$Y$9$

$Balances, August $31,20$Y$9$

Feedback Area

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.

Question Content Area

Based on the preceding spreadsheet, prepare a balance sheet for Demo Consulting.

Demo Consulting

Balance Sheet

August $31,20$Y$9$

Assets

Current assets: blank

Cash

blank $Cash

$9,080$

Accounts receivable

blank Accounts receivable

$21,610$

Supplies

blank Supplies

$370$

Total current assets blank $fill in the blank $86150$ffbdfe$7075\_7$

$31,060$

Property, plant, and equipment: blank

Land

blank $Land

$18,580$

blank

Office equipment

$Office equipment

$17,500$

blank

Accumulated depreciation

Accumulated depreciation

$3,550$

blank

Book value$-$office equipment

blank Book value$-$office equipment

$21,050$

blank

Total property, plant, and equipment blank fill in the blank $86150$ffbdfe$7075\_16$

$33,290$

Total assets blank $fill in the blank $86150$ffbdfe$7075\_17$

Liabilities

Current liabilities: blank

blank $$-$ Select $-$

blank $-$ Select $-$

Total liabilities blank $fill in the blank $86150$ffbdfe$7075\_22$

Stockholders' Equity

blank $$-$ Select $-$

blank $-$ Select $-$

Total stockholders' equity blank fill in the blank $86150$ffbdfe$7075\_27$

Total liabilities and stockholders' equity blank $fill in the blank $86150$ffbdfe$7075\_28$