Question

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

Solutions

Expert Solution

ekkarill92 answered 7 months ago
Next > < Previous

Related Solutions

GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Debit Credit Cash 64,200 Accounts Receivable...
GREAT ADVENTURES, Inc. Adjusted Trial Balance December 31, 2019 Accounts Debit Credit Cash 64,200 Accounts Receivable 2,000 Inventory 5,000 Prepaid insurance 2,400 Prepaid rent 1,600 Supplies (Office) 300 Supplies (Racing) 200 Equipment (Bikes) 12,000 Equipment (Kayaks) 21,000 Accumulated depreciation 8,000 Accounts payable 2,800 Income tax payable 14,000 Interest payable 750 Notes payable   30,000 Common stock ($1.00 par - 1,000,000 shares authorized,10,000 shares issued and outstanding) 10,000 Paid-in Capital in Excess of Par-Common 10,000 Dividends 4,000 Merchandise Sales Revenue 27,500 Sales...
The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $...
The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 265,100 Accounts receivable 51,000 Interest receivable 23,200 Notes receivable (due in 90 days) 173,000 Office supplies 15,500 Automobiles 173,000 Accumulated depreciation—Automobiles $ 55,000 Equipment 140,000 Accumulated depreciation—Equipment 28,000 Land 84,000 Accounts payable 97,000 Interest payable 50,000 Salaries payable 22,000 Unearned fees 34,000 Long-term notes payable 154,000 Common stock 35,580 Retained earnings 320,220 Dividends 53,000 Fees earned 584,000 Interest earned 32,000 Depreciation expense—Automobiles 27,500 Depreciation...
The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $...
The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $ 157,200 Accounts receivable 51,500 Interest receivable 18,600 Notes receivable (due in 90 days) 171,500 Office supplies 16,000 Automobiles 168,000 Accumulated depreciation—Automobiles $ 55,000 Equipment 140,000 Accumulated depreciation—Equipment 27,000 Land 81,000 Accounts payable 96,000 Interest payable 25,000 Salaries payable 26,000 Unearned fees 36,000 Long-term notes payable 154,000 Common stock 27,580 Retained earnings 248,220 Dividends 53,000 Fees earned 574,000 Interest earned 28,000 Depreciation expense—Automobiles 27,000 Depreciation...
A company has the following adjusted trial balance: Account Debit Credit Cash $1100​ ​ Accounts Receivable...
A company has the following adjusted trial balance: Account Debit Credit Cash $1100​ ​ Accounts Receivable 900​ ​ Inventory 1800​ ​ Supplies 2000​ ​ Prepaid Rent 400​ ​ Land 6500​ ​ Building 39,800​ ​ Accumulated Depreciation—Building ​ $8000​ Accounts Payable ​ 7600​ Unearned Revenue ​ 4300​ Notes Payable, due 2020 ​ 2300​ Common Stock ​ 6400​ Retained Earnings ​ 2700​ Dividends 800​ ​ Service Revenue ​ 33,800​ Rent Expense 1300​ ​ Supplies Expense 1100​ ​ Salaries Expense 6200​ ​ Depreciation...
adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit Credit...
adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit Credit Cash 11,600 Accounts receivable 161,000 Prepaid rent 6,100 Inventory 36,000 Equipment 410,000 Accumulated depreciation - equipment 136,000 Accounts payable 41,000 Notes payable - due in three months 41,000 Salaries payable 5,100 Interest payable 2,100 Common stock 255,000 Retained earnings 74,200 Sales revenue 510,000 Costs of goods sold 235,000 Salaries expense 131,000 Rent expense 26,000 Depreciation expense 41,000 Interest expense 3,100 Advertising expense 3,600 Totals...
The adjusted trial balance for Marigold at December 31, 2019, contains the following accounts. Debit Credit...
The adjusted trial balance for Marigold at December 31, 2019, contains the following accounts. Debit Credit Buildings $128,100 Common Stock $93,550 Accounts Receivable 14,000 Retained Earnings 25,750 Prepaid Insurance 4,100 Accumulated Depreciation—Buildings 43,100 Cash 19,600 Accounts Payable 11,600 Equipment 62,000 Notes Payable 96,100 Land 68,500 Accumulated Depreciation—Equipment 17,400 Insurance Expense 500 Interest Payable 2,300 Depreciation Expense 6,600 Service Revenue 15,900 Interest Expense 2,300    $305,700 $279,950 Prepare a classified balance sheet; assume that $21,000 of the note payable will be...
Ryan Company Trial Balance December 31, 2017 Debit Credit Cash 21,800 Accounts Receivable 18,800 Prepaid Insurance...
Ryan Company Trial Balance December 31, 2017 Debit Credit Cash 21,800 Accounts Receivable 18,800 Prepaid Insurance 1,000 Equipment 5,000 Accumulated Depreciation-Equipment 9,600 Accounts Payable 11,600 Salaries and Wages Payable 2,200 Unearned Rent Revenue 1,600 Common Stock 20,000 Retained Earnings 11,000 Dividends 5,600 Service Revenue 69,200 Rent Revenue 26,200 Salaries and Wages Expense 36,200 Supplies Expense 4,000 Rent Expense 21,600 Insurance Expense 3,000 Depreciation Expense 2,400 151,400 151,400 Prepare the income and statement of changes in stockholders' equity statements for the...
XYZ Corporation Adjusted Trial Balance December 31, 2021 Debit Credit Accounts receivable       700 Building 480 Equipment...
XYZ Corporation Adjusted Trial Balance December 31, 2021 Debit Credit Accounts receivable       700 Building 480 Equipment 375 Cash 125 Inventory 90 Land 300 Notes receivable 530 Investments 330 Prepaid rent (for the next 2 years) 50 Supplies 20 Trademark 50 Prepaid Insurance (for the next 3 years) 90 Accounts payable      620 Accumulated depreciation- Equipment 225 Accumulated depreciation- Buildings 180 Total stockholders' equity 1110 Dividends payable 50 Income tax payable 80 Allowance for Doubtful Accounts 55 Notes payable 600 Interest...
Green Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,000...
Green Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,000 Accounts Receivable 15,800 Office Supplies 6,500 Land 18,400 Building 47,900 Accumulated Depreciation—Building $36,100 Furniture 19,600 Accumulated Depreciation—Furniture 14,100 Accounts Payable 10,600 Salaries Payable 7,200 Unearned Revenue 16,000 Common Stock 30,000 Retained Earnings 31,400 Dividends 18,300 Service Revenue 49,800 Salaries Expense 28,600 Supplies Expense 8,400 Depreciation Expense—Building 2,900 Depreciation Expense—Furniture 1,300 Advertising Expense 13,500 Total $195,200 $195,200 Requirement 2. Prepare the statement of retained earnings...
Green Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,000...
Green Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,000 Accounts Receivable 15,800 Office Supplies 6,500 Land 18,400 Building 47,900 Accumulated Depreciation—Building $36,100 Furniture 19,600 Accumulated Depreciation—Furniture 14,100 Accounts Payable 10,600 Salaries Payable 7,200 Unearned Revenue 16,000 Common Stock 30,000 Retained Earnings 31,400 Dividends 18,300 Service Revenue 49,800 Salaries Expense 28,600 Supplies Expense 8,400 Depreciation Expense—Building 2,900 Depreciation Expense—Furniture 1,300 Advertising Expense 13,500 Total $195,200 $195,200 Requirement 3. Prepare the classified balance sheet as...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT