Question

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 11,050 11,050 Accounts Receivable 26,300 26,300 Supplies 2,790 2,340 450 Land 22,880 22,880 Office Equipment 21,570 21,570 Accumulated Depreciation 2,920 1,390 4,310 Accounts Payable 7,100 7,100 Salaries Payable 340 340 Common Stock 8,900 8,900 Retained Earnings 17,930 17,930 Dividends 3,420 3,420 Fees Earned 72,460 72,460 Salary Expense 19,200 340 19,540 Supplies Expense 2,340 2,340 Depreciation Expense 1,390 1,390 Miscellaneous Expense 2,100 2,100 109,310 109,310 4,070 4,070 111,040 111,040 Based on the preceding spreadsheet, prepare an income statement for Demo

Answer 1

Demo Consulting

DEMO CONSULTING

Income Statement for the year ended August 31, 20Y9"

Fees Earned $72,460

Salary Expense $19,540

Supplies Expense 2,340

Depreciation Expense 1,390

Miscellaneous Expense 2,100

Total Expenses $25,370

Net income $47,090

Step-by-step explanation:

a) Data and Calculations:

DEMO CONSULTING

End-of-Period Spreadsheet

For the Year Ended August 31, 20Y9

Unadjusted Adjustments Adjusted

Trial Balance Trial Balance

Account Title Dr. Cr. Dr. Cr. Dr. Cr.

Cash 11,050 11,050

Accounts Receivable 26,300 26,300

Supplies 2,790 2,340 450

Land 22,880 22,880

Office Equipment 21,570 21,570

Accumulated Depreciation 2,920 1,390 4,310

Accounts Payable 7,100 7,100

Salaries Payable 340 340

Common Stock 8,900 8,900

Retained Earnings 17,930 17,930

Dividends 3,420 3,420

Fees Earned 72,460 72,460

Salary Expense 19,200 340 19,540

Supplies Expense 2,340 2,340

Depreciation Expense 1,390 1,390

Miscellaneous Expen. 2,100 2,100

109,310 109,310 4,070 4,070 111,040 111,040