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, 2079: 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 8,220 8,220 Accounts Receivable 19,560 19,560 < Supplies 2,070 1,740 330 Land 16,820 16,820 Office Equipment 15,840 15,840 Accumulated Depreciation 2,170 1,040 3,210 Accounts Payable 5,280 5,280 Salaries Payable 250 250 Common Stock Retained Earnings 6,600 6,600 13,350 13,350 Dividends 2,540 2,540 Fees Earned 53,680 53,680 Salary Expense 14,470 250 14,720 Check My Work Next > < eBook Show Me How Common Stock Retained Earnings Dividends Fees Earned Salary Expense Supplies Expense Depreciation Expense Miscellaneous Expense 6,600 6,600 13,350 13,350 2,540 2,540 53,680 53,680 14,470 250 14,720 1,740 1,740 1,040 1,040 1,560 1,560 81,080 81,080 3,030 3,030 82,370 82,370 Based on the preceding spreadsheet, prepare an income statement for Demo Consulting. Demo Consulting Income Statement For the Year Ended August 31, 20Y9 Fees earned Expenses: Salary expense 14,720 Supplies expense 1,740 Depreciation expense 1,040 Miscellaneous expense 1,560 Total expenses Net income 53,680 19,060 34,620 eBook Show Me How 1,560 Miscellaneous expense Total expenses Net income Feedback 19,060 $ 34,620 V 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, 20Y9, $2,600 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 Balances, September 1, 20YS $ Common Stock 6600 X Retained Earnings Total 1,350 X 0 X Issued common stock 2,600 0 2,600 Net income Dividends Balances, August 31, 20Y9 Feedback Check My Work Check My Work 2,540 X 2,540 X Next > All work saved. Email Instructor Save and Exit Submit Assignment for Grading Current assets: Cash Accounts receivable Supplies Total current assets Property, plant, and equipment: Land Office equipment Accumulated depreciation Book value-office equipment Demo Consulting Balance Sheet August 31, 20Y9 Total property, plant, and equipment Total assets Current liabilities: Accounts payable Salaries payable Total liabilities Assets 8,220 19,560 330 28,110 V 16,820 15,840 3,210 12,630 Liabilities 5,280 250 5,530 V eBook Show Me How Total assets Current liabilities: Accounts payable Salaries payable Total liabilities Liabilities 5,280 250 5,530 Stockholders' Equity 6,600 13,350 X 19,950 X $ 25,480 X Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Feedback Check My Work Assets (including contra-assets like Accumulated Depreciation), liabilities, and the Retained Earnings Account flow into the balance sheet. Feedback Check My Work Partially correct Check My Work Next