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 11,530 11,530
Accounts Receivable 27,450 27,450
Supplies 2,910 2,440 470
Land 23,880 23,880
Office Equipment 22,510 22,510
Accumulated Depreciation 3,050 1,450 4,500
Accounts Payable 7,410 7,410
Salaries Payable 360 360
Common Stock 9,200 9,200
Retained Earnings 18,800 18,800
Dividends 3,570 3,570
Fees Earned 75,900 75,900
Salary Expense 20,310 360 20,670
Supplies Expense 2,440 2,440
Depreciation Expense 1,450 1,450
Miscellaneous Expense 2,200 2,200
114,360 114,360 4,250 4,250 116,170 116,170
Based on the preceding spreadsheet, prepare an income statement, statement of stockholders' equity, and balance sheet for Demo Consulting. During the year ended August 31, 20Y9, $15,000 of additional common stock was issued.