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In: Accounting

HANSON PRODUCTS COMPANY Adjusted Trial Balance December 31, 2018 Debit Credit Cash $    14,400 Accounts receivable...

HANSON PRODUCTS COMPANY

Adjusted Trial Balance

December 31, 2018

Debit

Credit

Cash

$    14,400

Accounts receivable

35,000

Allowance for doubtful accounts

800

Merchandise inventory

50,400

Office supplies

900

Prepaid Insurance

1,200

Equipment

60,000

Accumulated depreciation – equipment

25,000

Accounts payable

12,000

Notes payable

10,000

Common stock

40,000

Retained earnings

22,250

Dividends

21,000

Net Sales

320,300

Cost of goods sold

205,000

Sales salaries expense

32,500

Depreciation expense – equipment

7,500

Office supplies expense

1,300

Interest expense

600

Bad Debts Expense

200

Insurance Expense

350

Totals

$430,350

$430,350

Using the information given below, prepare an income statement, Statement of Retained Earnings and balance sheet for Hanson Storage from the adjusted trial balance. No additional investments in the company were made during the year.

Really need help with the income statement, retained earnings, and the balance sheet! thank you

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Expert Solution

ekkarill92 answered 8 months ago
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