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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-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.

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 4, Problem 3E
Textbook Problem
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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-ofperiod spreadsheet was prepared for the year ended August 31, 20Y9:

Chapter 4, Problem 3E, Financial statements from the end-of-period spreadsheet Demo Consulting is a consulting firm owned

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.

To determine

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
ParticularsAmount ($)Amount ($)
Revenues  
Fees Earned 1,480,000
Less: Expenses  
Salary Expense843,100 
Supplies Expense22,600 
Depreciation Expense11,800 
Miscellaneous Expense12,500 
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
ParticularsCommon stock ($)Retained earnings ($)Total ($)
Balance, September 1, 20Y8 85,000810,000895,000
Issued common stock15,00015,000
Net income0590,000590,000
Dividends0(30,000)(30,000)
Balance, August 31, 20Y9100,0001,370,0001,470,000

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...

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Chapter 4 Solutions

Financial And Managerial Accounting
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