FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 | |||||||
Adjustments | Trial Balance | |||||||
Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | ||
Cash | 12,470 | 12,470 | ||||||
29,690 | 29,690 | |||||||
Supplies | 3,150 | 2,640 | 510 | |||||
Land | 25,240 | 25,240 | ||||||
Office Equipment | 23,750 | 23,750 | ||||||
3,300 | 1,570 | 4,870 | ||||||
Accounts Payable | 8,020 | 8,020 | ||||||
Salaries Payable | 390 | 390 | ||||||
Common Stock | 10,000 | 10,000 | ||||||
20,280 | 20,280 | |||||||
Dividends | 3,860 | 3,860 | ||||||
Fees Earned | 80,610 | 80,610 | ||||||
Salary Expense | 21,670 | 390 | 22,060 | |||||
Supplies Expense | 2,640 | 2,640 | ||||||
Depreciation Expense | 1,570 | 1,570 | ||||||
Miscellaneous Expense | 2,380 | 2,380 | ||||||
122,210 | 122,210 | 4,600 | 4,600 | 124,170 | 124,170 |
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Based on the preceding spreadsheet, prepare an income statement for Demo Consulting.
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