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Course: Financial Accounting

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Flow of Accounts into Financial Statements The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of stockholders' equity, or balance sheet. 1. Accounts Payable balance sheet 2. Accounts Receivable balance sheet 3. Cash balance sheet 4. Dividends statement of stockholders' equity 5. Fees Earned income statement 6. Supplies balance sheet 7. Unearned Rent balance sheet 8. Utilities Expense income statement 9. Wages Expense income statement 10. Wages Payable balance sheet Classifying Accounts Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue, or expense. 1. Accounts Receivable Asset 2. Equipment Asset 3. Fees Earned Revenue 4. Insurance Expense Expense 5. Prepaid Advertising Asset 6. Prepaid Rent Asset 7. Rent Revenue Revenue 8. Salary Expense Expense 9. Salary Payable Liability 10. Supplies Asset 11. Supplies Expense Expense 12. Unearned Rent Liability 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, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,630 10,630 Accounts Receivable 25,300 25,300 2,680 2,250 430 Supplies Land 21,760 21,760 Office Equipment 20,490 20,490 Accumulated Depreciation 2,810 1,340 4,150 Accounts Payable 6,830 6,830 Salaries Payable 330 330 Common Stock 8,500 8,500 Retained Earnings 17,310 17,310 Dividends 3,290 3,290 Fees Earned 69,950 69,950 Salary Expense 19,230 330 19,560 2,250 2,250 Supplies Expense Depreciation Expense Miscellaneous Expense 1,340 1,340 2,020 2,020 105,400 105,400 3,920 3,920 107,070 107,070 Based on the preceding spreadsheet, prepare an income statement for Demo Consulting. Based on the preceding spreadsheet, prepare an income statement for Demo Consulting. Demo Consulting Income Statement For the Year Ended August 31, 2049 Fees earned 69,950 Expenses: Salary expense 19,560 Supplies expense 2,250 Depreciation expense 1,340 Miscellaneous expense 2,020 Total expenses -25,170 Net income 44,780 Feedback Based on the preceding spreadsheet, prepare a statement of stockholders' equity for Demo Consulting. During the year ended August 31, 2049, $3,400 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 17,310 Issued common stock o Net income 0 44,780 44,780 Dividends 0 -3,290 -3,290 Balances, August 31, 2019 8,500 58,800 67,300 Based on the preceding spreadsheet, prepare a balance sheet for Demo Consulting. Demo Consulting Balance Sheet August 31, 2049 Assets Current assets: Cash 10,630 25,300 Accounts receivable Supplies 430 36,360 Total current assets Property, plant, and equipment: Land 21,760 Office equipment 20,490 Accumulated depreciation -4,150 Book value-office equipment 16,340 Total property, plant, and equipment 38,100 Total assets 74,460 Liabilities Current liabilities: Accounts payable 6,830 Salaries payable 330 Total liabilities 7,160 Stockholders' Equity Common stock 8,500 Retained earnings 58,800 Total stockholders' equity 67,300 Total liabilities and stockholders' equity 74,460