Question
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
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:
During the year ended August 31, 20Y9, $15,000 of additional common stock was issued.
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 | 182,500 | 182,500 | ||||||
Accounts Receivable | 234,500 | 234,500 | ||||||
Supplies | 27,600 | 22,600 | 5,000 | |||||
Land | 775,000 | 775,000 | ||||||
Office Equipment | 400,000 | 400,000 | ||||||
Accumulated Depreciation | 60,200 | 11,800 | 72,000 | |||||
Accounts Payable | 41,500 | 41,500 | ||||||
Salaries Payable | 13,500 | 13,500 | ||||||
Common Stock | 100,000 | 100,000 | ||||||
Retained Earnings | 810,000 | 810,000 | ||||||
Dividends | 30,000 | 30,000 | ||||||
Fees Earned | 1,480,000 | 1,480,000 | ||||||
Salary Expense | 829,600 | 13,500 | 843,100 | |||||
Supplies Expense | 22,600 | 22,600 | ||||||
Depreciation Expense | 11,800 | 11,800 | ||||||
Miscellaneous Expense | 12,500 | 12,500 | ||||||
2,491,700 | 2,491,700 | 47,900 | 47,900 | 2,517,000 | 2,517,000 |
Based on the preceding spreadsheet, prepare an income statement for Demo Consulting.
Demo Consulting | ||
Income Statement | ||
For the Year Ended August 31, 20Y9 | ||
Accounts receivable | $ | |
Expenses: | ||
$ | ||
Total expenses | ||
$ |
Feedback
Revenue and expense accounts flow into the income statement.
Based on the preceding spreadsheet, prepare a statement of stockholders equity for Demo Consulting. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank.
Demo Consulting | |||
Statement of Stockholders Equity | |||
For the Year Ended August 31, 20Y9 | |||
Common Stock | Retained Earnings | Total | |
$ | $ | $ | |
$ | $ | $ |
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: | |||
$ | |||
Total current assets | $ | ||
Property, plant, and equipment: | |||
$ | |||
$ | |||
Total property, plant, and equipment | |||
Total assets | $ | ||
Liabilities | |||
Current liabilities: | |||
$ | |||
Total liabilities | $ | ||
Stockholders' Equity | |||
$ | |||
Total stockholders' equity | |||
Total liabilities and stockholders' equity | $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started