Answer:
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
