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	8,590						8,590
Accounts Receivable	20,460						20,460
Supplies	2,170					1,820	350
Land	17,600						17,600
Office Equipment	16,570						16,570
Accumulated Depreciation		2,270				1,080		3,350
Accounts Payable		5,520						5,520
Salaries Payable						270		270
Common Stock		6,900						6,900
Retained Earnings		13,970						13,970
Dividends	2,660						2,660
Fees Earned		55,970						55,970
Salary Expense	14,940			270			15,210
Supplies Expense				1,820			1,820
Depreciation Expense				1,080			1,080
Miscellaneous Expense	1,640						1,640
	84,630	84,630		3,170		3,170	85,980	85,980

Question Content Area

Based on the preceding spreadsheet, prepare an income statement for Demo Consulting.

Based on the preceding spreadsheet, prepare a statement of stockholders equity for Demo Consulting. During the year ended August 31, 20Y9, $2,700 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.

	Common Stock	Retained Earnings	Total
Balances, September 1, 20Y8	$	$	$
Issued common stock
Net income
Dividends
Balances, August 31, 20Y9	$	$	$

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

Assets
Current assets:
Cash		$
Accounts receivable
Supplies
Total current assets
Property, plant, and equipment:
Land		$
Office equipment	$
Accumulated depreciation
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			$

Demo Consulting Income Statement For the Year Ended August 31, 20 Y9 Fees earned Expenses: $ $ Total expenses