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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: 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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Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
BuyFindarrow_forward

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
Chapter 4, Problem 4.3EX
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-of-period spreadsheet was prepared for the year ended August 31, 20Y9:

Chapter 4, Problem 4.3EX, 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

To Prepare: An income statement for the year ended August 31, 20Y9.

To Prepare: The retained earnings statement for the year ended August 31, 20Y9.

To Prepare: The balance sheet of D Consulting at August 31, 20Y9.

Explanation of Solution

Income statement: Income statement is a financial statement that shows the net income or net loss by deducting the expenses from the revenues and vice versa.

Statement of Stockholders’ Equity: The financial statement, which shows the changes in the equity capital, due to contributions and net income for a given period, is known as statement of stockholders’ equity.

Classified Balance Sheet: In order to improve the ease of understanding, a classified balance sheet is used. Classified balance sheet categorizes each item of assets, liabilities, and stockholders ‘equity into a specific category.

D Consulting
Income Statement
For the Year Ended August 31, 20Y9
Particulars Amount ($) Amount ($)
Revenues:    
    Fees Earned   1,480,000
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)

D Consulting
Statement of Stockholders’ Equity
For the Year Ended August 31, 20Y9
Particulars Common stock Retained earnings Total
Balance, September 1, 20Y8 $100,000  $810,000 $910,000
Issuance of common stock $15,000 0 $15,000
Net income for the month 0 $590,000 $590,000
Deduct - Dividends 0 $(30,000) $(30,000)
Balance, August 31, 20Y9 $115,000  $1,370,000 $1,485,000

Table (2)

D Consulting
Balance Sheet

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Chapter 4 Solutions

Corporate Financial Accounting
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