1. Using the information presented below, prepare an income statement and statement offinancial position from the adjusted trial balance of Hanson Storage.HANSON STORAGEAdjusted Trial BalanceDecember 31Cash$ 3,050Accounts receivable400Prepaid insuranceOffice suppliesOffice equipmentAccu Dep-Shop equipmentBuildingAccu Dep-BuildingsLandWages payableProperty taxes payableInterest payableUnearned rent830804,200$ 1,10098,00028,000115,0008801,4002,200460Long-term notes payableShare capitalRetained earnings150,00030,34010,000Dividends21,000Rent earned57,500Wages expenseUtilities expense25,0001,900Property taxes expenseInsurance expenseOffice supplies expenseDepreciation expense-Office equipmentDepreciation expense-BuildingInterest expense2,4008002504005,5703,000$281,880$281,880

Name: 1. Using the information presented below, prepare an income statement
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Description: 1. Using the information presented below, prepare an income statement and statement offinancial position from the adjusted trial balance of Hanson Storage.HANSON STORAGEAdjusted Trial BalanceDecember 31Cash$ 3,050Accounts receivable400Prepaid insura

Financial statement means the trading and profit and loss account and balance sheet of the company…

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1. Using the information presented below, prepare an income statement and statement of financial position from the adjusted trial balance of Hanson Storage. HANSON STORAGE Adjusted Trial Balance December 31 Cash $ 3,050 Accounts receivable 400 Prepaid insurance Office supplies Office equipment Accu Dep-Shop equipment Building Accu Dep-Buildings 830 80 4,200 $ 1,100 98,000 28,000 Land 115,000 Wages payable Property taxes payable Interest payable Unearned rent 880 1,400 2,200 460 Long-term notes payable Share capital Retained earnings 150,000 30,340 10,000 Dividends 21,000 Rent earned 57,500 Wages expense Utilities expense Property taxes expense Insurance expense Office supplies expense Depreciation expense-Office equipment Depreciation expense-Building Interest expense 25,000 1,900 2,400 800 250 400 5,570 3,000 $281,880 $281,880

1. Using the information presented below, prepare an income statement and statement of financial position from the adjusted trial balance of Hanson Storage. HANSON STORAGE Adjusted Trial Balance December 31 Cash $ 3,050 Accounts receivable 400 Prepaid insurance Office supplies Office equipment Accu Dep-Shop equipment Building Accu Dep-Buildings 830 80 4,200 $ 1,100 98,000 28,000 Land 115,000 Wages payable Property taxes payable Interest payable Unearned rent 880 1,400 2,200 460 Long-term notes payable Share capital Retained earnings 150,000 30,340 10,000 Dividends 21,000 Rent earned 57,500 Wages expense Utilities expense Property taxes expense Insurance expense Office supplies expense Depreciation expense-Office equipment Depreciation expense-Building Interest expense 25,000 1,900 2,400 800 250 400 5,570 3,000 $281,880 $281,880

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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