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

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

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

the answer is a.

by: nicholas dooley