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:

	Demo Consulting
	End-of-Period Spreadsheet
	For the Year Ended August 31, 20Y9
	Unadjusted						Adjusted
	Trial Balance		Adjustments				Trial Balance
Account Title	Dr.	Cr.		Dr.		Cr.	Dr.	Cr.
Cash	8,030						8,030
Accounts Receivable	19,130						19,130
Supplies	2,030					1,700	330
Land	16,640						16,640
Office Equipment	15,690						15,690
Accumulated Depreciation		2,120				1,010		3,130
Accounts Payable		5,170						5,170
Salaries Payable						250		250
Common Stock		6,400						6,400
Retained Earnings		13,110						13,110
Dividends	2,490						2,490
Fees Earned		52,700						52,700
Salary Expense	13,960			250			14,210
Supplies Expense				1,700			1,700
Depreciation Expense				1,010			1,010
Miscellaneous Expense	1,530						1,530
	79,500	79,500		2,960		2,960	80,760	80,760

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, 20Y9

Accounts receivableCashEquipmentFees earnedSupplies		$- Select -
Expenses:
Accounts payableCashFees earnedSalaries payableSalary expense	$- Select -
Accounts payableDividendsOffice equipmentSuppliesSupplies expense	- Select -
Accounts payableAccounts receivableAccumulated depreciationDepreciation expenseSupplies	- Select -
Accounts payableAccumulated depreciationCashCommon stockMiscellaneous expense	- Select -
Total expenses		fill in the blank 2a1fc705bfe7000_11
Net incomeNet loss		$- Select -

Question Content Area

Based on the preceding spreadsheet, prepare a statement of stockholders equity for Demo Consulting. During the year ended August 31, 20Y9, $2,500 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

blank	Common Stock	Retained Earnings	Total
Balances, September 1, 20Y8Balances, August 31, 20Y9CashNet incomeSupplies	$- Select -	$- Select -	$- Select -
Accounts payableCashIssued common stockOffice equipmentSalaries payable	- Select -	- Select -	- Select -
Accounts payableCashNet incomeOffice equipmentSalaries payable	- Select -	- Select -	- Select -
Accounts payableCashDividendsFees earnedOffice equipment	- Select -	- Select -	- Select -
Balances, September 1, 20Y8Balances, August 31, 20Y9CashNet incomeSupplies	$- Select -	$- Select -	$- Select -

Question Content Area

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

Demo Consulting Balance Sheet August 31, 20Y9

Assets
Current assets:	blank
Accounts payableCashFees earnedNet incomeOffice equipment	blank	$- Select -
Accounts payableAccounts receivableFees earnedOffice equipmentSupplies expense	blank	- Select -
Accounts payableCashCommon stockRetained earningsSupplies	blank	- Select -
Total current assets	blank		$fill in the blank c99902f62066f90_7
Property, plant, and equipment:	blank
CashDepreciation expenseLandRetained earningsSupplies	blank	$- Select -	blank
CashDepreciation expenseOffice equipmentRetained earningsSupplies	$- Select -	blank
Accounts payableAccumulated depreciationCashDepreciation expenseDividends	- Select -	blank
Accounts payableBook value-office equipmentCashDepreciation expenseDividends	blank	- Select -	blank
Total property, plant, and equipment	blank		fill in the blank c99902f62066f90_16
Total assets	blank		$fill in the blank c99902f62066f90_17
Liabilities
Current liabilities:	blank
Accounts payableAccounts receivableFees earnedOffice equipmentRetained earnings	blank	$- Select -
CashNet incomeOffice equipmentSalaries payableSalary expense	blank	- Select -
Total liabilities	blank		$fill in the blank c99902f62066f90_22
Stockholders' Equity
Accounts receivableCommon stockNet incomeOffice equipmentSupplies	blank	$- Select -
Accounts receivableNet incomeOffice equipmentRetained earningsSupplies	blank	- Select -
Total stockholders' equity	blank		fill in the blank c99902f62066f90_27
Total liabilities and stockholders' equity	blank		$fill in the blank c99902f62066f90_28