Open withStatement of Owners EquityBalance SheetPago7 11+ AccountsDRCRcash10,800accts receiv50,200prepaid insurancesupplies1,200Using the Adjusted Trial Balance for Hickman Services LLC, forthe year ending 12/31/19, create in the space provided on thispage and the next page:480101,000equipmentbuilding400,000Income Statementland98,000Balance Sheet (2Statement of Owners Equityaccum depraccts payable307,18015,700All Financial Statements should be in proper format.wages payableunearned rent4,900800Income Statement:Hickman, Capital203,100Hickman, DrawingFees earned10,000375,000rent revenue1,300wages expense168,000advertising expenses21,700utilitites exp400depreciation exp16,780insurance expense18,420907,980907,980

Financial statement is prepared from the trial balance which include :- Profit and loss and…

Accounts DR CR cash 10,800 accts receiv 50,200 prepaid insurance supplies equipment building 1,200 Using the Adjusted Trial Balance for Hickman Services LLC, for the year ending 12/31/19, create in the space provided on this page and the next page: 480 101,000 400,000 Income Statement Balance Sheet ( Statement of Owners Equity ( land 98,000 accum depr accts payable wages payable 307,180 15,700 All Financial Statements should be in proper format. 4,900 unearned rent 800 Income Statement: Hickman, Capital 203,100 Hickman, Drawing 10,000 Fees earned 375,000 rent revenue 1,300 wages expense advertising expenses utilitites exp 168,000 21,700 11,400 depreciation exp 16,780 insurance expense 18,420 907,980 907,980

Accounts DR CR cash 10,800 accts receiv 50,200 prepaid insurance supplies equipment building 1,200 Using the Adjusted Trial Balance for Hickman Services LLC, for the year ending 12/31/19, create in the space provided on this page and the next page: 480 101,000 400,000 Income Statement Balance Sheet ( Statement of Owners Equity ( land 98,000 accum depr accts payable wages payable 307,180 15,700 All Financial Statements should be in proper format. 4,900 unearned rent 800 Income Statement: Hickman, Capital 203,100 Hickman, Drawing 10,000 Fees earned 375,000 rent revenue 1,300 wages expense advertising expenses utilitites exp 168,000 21,700 11,400 depreciation exp 16,780 insurance expense 18,420 907,980 907,980

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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Post the folowing using T-Accounts
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Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Trial Balance Adjustments Adj. T/Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 13,200 22,000 5,400 29,250 22,000 5,400 Cash 20,000 b-h 3,950 29,250 22,000 a CD'S Other Securities 5,400 Loan Payable Owner' Equity 25,000 15,600 b 25,000 15,100 25,000 15,100 500 Revenue a 20,000 20,000 20,000 Interest Income Utilities expense Internet & Telephone Advertising Expense C 300 300 300 150 150 150 e 300 300 300 Rent Expense f 2,000 2,000 2,000 Supplies expense 450 450 450 Insurance expense 250 250 250 40,100 16,550 56,650 40,600 23,950 60,100 3,450 16,550 20,000 40,600 23,950 60,100 20,000 56,650 Net income 20,000 56,650 1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00. 2. Utilities Expense of $300.00 was paid on January 25. 3. Insurance expense of $250.00 was paid on January 27. 4. supplies for the month in the amount of $450.00 was purchased. 5. Rent for…