Financial Statements from the End$-$of$-$Period Spreadsheet

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 $8,9208,920$

Accounts Receivable $21,23021,230$

Supplies $2,2501,890360$

Land $18,26018,260$

Office Equipment $17,20017,200$

Accumulated Depreciation $2,3601,1303,490$

Accounts Payable $5,7305,730$

Salaries Payable $280280$

Common Stock $7,1007,100$

Retained Earnings $14,55014,550$

Dividends $2,7602,760$

Fees Earned $58,08058,080$

Salary Expense $15,50028015,780$

Supplies Expense $1,8901,890$

Depreciation Expense $1,1301,130$

Miscellaneous Expense $1,7001,700$

$87,82087,8203,3003,30089,23089,230$

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

$58,080$

Expenses:

Salary expense

$Salary expense

$15,780$

Supplies expense

Supplies expense

$1,890$

Depreciation expense

Depreciation expense

$1,130$

Miscellaneous expense

Miscellaneous expense

$1,700$

Total expenses fill in the blank ad$781$cfecf$8$aff$5\_11$

$20,500$

Net income

$Net income

$37,580$

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$$ equity for Demo Consulting. During the year ended August $31,20$Y$9,$ $$2,800$ 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.