Business
Engineering
Math
Science
Social Science
Financial statements from the end-of-period spreadsheet Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-ofperiod spreadsheet was prepared for the year ended August 31, 20Y9: 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.
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
Financial statements from the end-of-period spreadsheet
Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-ofperiod spreadsheet was prepared for the year ended August 31, 20Y9:
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, $15,000 of additional common stock was issued.
Prepare an income statement, statement of stockholders’ equity and balance sheet for Company DC for the year ended August 31, 20Y9.
Explanation of Solution
Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.
Prepare an income statement for the year ended August 31, 20Y9.
| Company DC | ||
| Income Statement | ||
| For the year ended August 31, 20Y9 | ||
| Particulars | Amount ($) | Amount ($) |
| Revenues | ||
| Fees Earned | 1,480,000 | |
| Less: Expenses | ||
| Salary Expense | 843,100 | |
| Supplies Expense | 22,600 | |
| Depreciation Expense | 11,800 | |
| Miscellaneous Expense | 12,500 | |
| Total Expenses | (890,000) | |
| Net Income | 590,000 | |
Table (1)
Statement of stockholders’ equity: The statement which reports the changes in stock, paid-in capital, retained earnings, and treasury stock, during the year is referred to as statement of stockholders’ equity.
Prepare the statement of stockholders’ equity for the year ended August 31, 20Y9.
| Company DC | |||
| Statement of stockholders’ equity | |||
| For the year ended August 31, 20Y9 | |||
| Particulars | Common stock ($) | Retained earnings ($) | Total ($) |
| Balance, September 1, 20Y8 | 85,000 | 810,000 | 895,000 |
| Issued common stock | 15,000 | 15,000 | |
| Net income | 0 | 590,000 | 590,000 |
| Dividends | 0 | (30,000) | (30,000) |
| Balance, August 31, 20Y9 | 100,000 | 1,370,000 | 1,470,000 |
Table (2)
Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources...
Chapter 4 Solutions
Additional Business Textbook Solutions
Cornerstones of Financial Accounting
Corporate Financial Accounting
Accounting Information Systems
Financial & Managerial Accounting
Essentials of Business Communication (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
Principles of Macroeconomics (MindTap Course List)
Principles of Economics (MindTap Course List)
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Principles of Microeconomics (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Foundations of Business (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Probability and Statistics for Engineering and the Sciences
College Accounting, Chapters 1-27
Financial Accounting
Management, Loose-Leaf Version
Essentials of Economics (MindTap Course List)
Intermediate Accounting: Reporting And Analysis
College Accounting (Book Only): A Career Approach
Accounting Information Systems
Managerial Accounting: The Cornerstone of Business Decision-Making
MKTG 12:STUDENT ED.-TEXT
Contemporary Marketing
Financial & Managerial Accounting
Financial Accounting
Accounting (Text Only)
College Accounting (Book Only): A Career Approach
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Statistics for Business & Economics, Revised (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Exploring Economics
Pkg Acc Infor Systems MS VISIO CD
Survey of Accounting (Accounting I)
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Corporate Financial Accounting
Microeconomics
Economics (MindTap Course List)
Cornerstones of Cost Management (Cornerstones Series)
Practical Management Science
Macroeconomics
Economics For Today
Purchasing and Supply Chain Management
Managerial Accounting
Macroeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
MACROECONOMICS FOR TODAY
Micro Economics For Today
Principles of Microeconomics
Economics: Private and Public Choice (MindTap Course List)
Understanding Management (MindTap Course List)
