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, 20Y9:

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, 2019: Demo Consulting End-of-Period Spreadsheet For the Year Ended August 31, 2049 Unadjusted Trial Balance Adjustments Dr. Account Title Cr. Cr. Cash Dr. 9,160 21,820 Adjusted Trial Balance Dr. Cr. 9,160 21,820 370 18,980 17,890 Accounts Receivable Supplies 2,310 1,940 Land 18,980 17,890 Office Equipment Accumulated Depreciation 1,160 3,580 2,420 5,890 Accounts Payable 280 Salaries Payable Common Stock 5,890 280 7,300 14,960 7,300 14,960 Retained Earnings Dividends 2,840 2,840 60,760 60,760 Fees Earned Salary Expense 16,580 280 Supplies Expense 1,940 1,160 Depreciation Expense Miscellaneous Expense 16,860 1,940 1,160 1,750 92,770 1,750 91,330 91,330 3,380 3,380 92,770 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 S 60,760 Expenses: Salary expense $ 16,860 1,940 Supplies expense Depreciation expense C 1.160 Miscellaneous expense 21,710 Total expenses Net income 39.050 Feedback Check My Work 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, 2019, $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, 2019 Common Stock Retained Earnings Total Balances, September 1, 2018 S 7,300 X $ 14,960 $ 22,260 X Issued common stock 2.900 2.900 Net income 39,050 39,050 Dividends Balances, August 31, 2019 s 10.200 X $ 56,850 X $ 67,050 X 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: Land Office equipment 17.890 Accumulated depreciation 3.580 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