Need help finishing this problem 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 11,700 11,700 Accounts Receivable 27,850 27,850 Supplies 2,950 2,480 470 Land 23,950 23,950 Office Equipment 22,560 22,560 Accumulated Depreciation 3,090 1,480 4,570 Accounts Payable 7,520 7,520 Salaries Payable 360 360 Common Stock 9,400 9,400 Retained Earnings 19,010 19,010 Dividends 3,620 3,620 Fees Earned 76,730 76,730 Salary Expense 20,890 360 21,250 Supplies Expense 2,480 2,480 Depreciation Expense 1,480 1,480 Miscellaneous Expense 2,230 2,230 115,750 115,750 4,320 4,320 117,590 117,590 Based on the preceding spreadsheet, prepare an income statement for Demo Consulting. Demo ConsultingIncome StatementFor the Year Ended August 31, 20Y9 $Fees earned Expenses: $Salary expense Supplies expense Depreciation expense Miscellaneous expense Total expenses fill in the blank 7b59aa061fe6fce_11 $Net income Feedback 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, $3,700 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. Demo ConsultingStatement of Stockholders’ EquityFor the Year Ended August 31, 20Y9 Common Stock Retained Earnings Total $Balances, September 1, 20Y8 $Balances, September 1, 20Y8 $Balances, September 1, 20Y8 Issued common stock Issued common stock Issued common stock Net income Net income Net income Dividends Dividends Dividends $Balances, August 31, 20Y9 $Balances, August 31, 20Y9 $Balances, August 31, 20Y9 Feedback The statement of stockholders' equity shows the beginning balances of common stock and retained earnings. The common stock balance will be increased by any stock issued during the period, and retained earnings will be increased by any net income and decreased by any net losses and dividends. Based on the preceding spreadsheet, prepare a balance sheet for Demo Consulting. Demo ConsultingAugust 31, 20Y9 Assets Current assets: $Cash Accounts receivable Supplies Total current assets $fill in the blank 5cc2b502e03efa1_7 Property, plant, and equipment: $Land $Office equipment Accumulated depreciation Book value-office equipment Total property, plant, and equipment fill in the blank 5cc2b502e03efa1_16 Total assets $fill in the blank 5cc2b502e03efa1_17 Liabilities Current liabilities: $Accounts payable Salaries payable Total liabilities $fill in the blank 5cc2b502e03efa1_22 Stockholders' Equity $Common stock Retained earnings Total stockholders' equity fill in the blank 5cc2b502e03efa1_27 Total liabilities and stockholders' equity $fill in the blank 5cc2b502e03efa1_28
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Need help finishing this problem
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 | 11,700 | 11,700 | ||||||
| 27,850 | 27,850 | |||||||
| Supplies | 2,950 | 2,480 | 470 | |||||
| Land | 23,950 | 23,950 | ||||||
| Office Equipment | 22,560 | 22,560 | ||||||
| Accumulated |
3,090 | 1,480 | 4,570 | |||||
| Accounts Payable | 7,520 | 7,520 | ||||||
| Salaries Payable | 360 | 360 | ||||||
| Common Stock | 9,400 | 9,400 | ||||||
| 19,010 | 19,010 | |||||||
| Dividends | 3,620 | 3,620 | ||||||
| Fees Earned | 76,730 | 76,730 | ||||||
| Salary Expense | 20,890 | 360 | 21,250 | |||||
| Supplies Expense | 2,480 | 2,480 | ||||||
| Depreciation Expense | 1,480 | 1,480 | ||||||
| Miscellaneous Expense | 2,230 | 2,230 | ||||||
| 115,750 | 115,750 | 4,320 | 4,320 | 117,590 | 117,590 |
Based on the preceding spreadsheet, prepare an income statement for Demo Consulting.
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$Fees earned | |
| Expenses: | ||
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$Salary expense | |
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Supplies expense | |
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Depreciation expense | |
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Miscellaneous expense | |
| Total expenses | fill in the blank 7b59aa061fe6fce_11 | |
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$Net income |
Revenue and expense accounts flow into the income statement.
Based on the preceding spreadsheet, prepare a statement of
| Common Stock | Retained Earnings | Total | |
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$Balances, September 1, 20Y8 | $Balances, September 1, 20Y8 | $Balances, September 1, 20Y8 |
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Issued common stock | Issued common stock | Issued common stock |
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Net income | Net income | Net income |
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Dividends | Dividends | Dividends |
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$Balances, August 31, 20Y9 | $Balances, August 31, 20Y9 | $Balances, August 31, 20Y9 |
The statement of stockholders' equity shows the beginning balances of common stock and retained earnings. The common stock balance will be increased by any stock issued during the period, and retained earnings will be increased by any net income and decreased by any net losses and dividends.
Based on the preceding spreadsheet, prepare a
| Assets | |||
| Current assets: | |||
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$Cash | ||
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Accounts receivable | ||
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Supplies | ||
| Total current assets | $fill in the blank 5cc2b502e03efa1_7 | ||
| Property, plant, and equipment: | |||
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$Land | ||
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$Office equipment | ||
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Accumulated depreciation | ||
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Book value-office equipment | ||
| Total property, plant, and equipment | fill in the blank 5cc2b502e03efa1_16 | ||
| Total assets | $fill in the blank 5cc2b502e03efa1_17 | ||
| Liabilities | |||
| Current liabilities: | |||
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$Accounts payable | ||
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Salaries payable | ||
| Total liabilities | $fill in the blank 5cc2b502e03efa1_22 | ||
| Stockholders' Equity | |||
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$Common stock | ||
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Retained earnings | ||
| Total stockholders' equity | fill in the blank 5cc2b502e03efa1_27 | ||
| Total liabilities and stockholders' equity | $fill in the blank 5cc2b502e03efa1_28 |
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