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HURRICANE, INCORPORATED Income Statement Year Ended December 31, 2024 Revenues $ 0 Expenses: Salaries $ 11,700 Rent 5,700 Advertising 3,700 Net income $ -21,100 HURRICANE, INCORPORATED Statement of Stockholders' Equity Year ended December 31, 2024 Common Stock Retained Total Stockholders' Earnings Equity Beginning balance $ 12,700 $ 5,700 $ 18,400 Issuances of stock 1,700 Add: Net income 3,700 3,700 Less: Dividends Ending balance $ 14,400 $ 6,700 $ 21,100 Cash Supplies Land Building Total assets HURRICANE, INCORPORATED Balance Sheet December 31, 2024 Assets Liabilities $ 1.100 Accounts payable $ 2,700 3,300 Stockholders' Equity 4,700 Common stock 14,700 Retained earnings Total liabilities and stockholders' equity

HURRICANE, INCORPORATED Income Statement Year Ended December 31, 2024 Revenues $ 0 Expenses: Salaries $ 11,700 Rent 5,700 Advertising 3,700 Net income $ -21,100 HURRICANE, INCORPORATED Statement of Stockholders' Equity Year ended December 31, 2024 Common Stock Retained Total Stockholders' Earnings Equity Beginning balance $ 12,700 $ 5,700 $ 18,400 Issuances of stock 1,700 Add: Net income 3,700 3,700 Less: Dividends Ending balance $ 14,400 $ 6,700 $ 21,100 Cash Supplies Land Building Total assets HURRICANE, INCORPORATED Balance Sheet December 31, 2024 Assets Liabilities $ 1.100 Accounts payable $ 2,700 3,300 Stockholders' Equity 4,700 Common stock 14,700 Retained earnings Total liabilities and stockholders' equity

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 15E
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HURRICANE, INCORPORATED Income Statement Year Ended December 31, 2024 Revenues $ 0 Expenses: Salaries $ 11,700 Rent 5,700 Advertising 3,700 Net income $ -21,100 HURRICANE, INCORPORATED Statement of Stockholders' Equity Year ended December 31, 2024 Common Stock Retained Total Stockholders' Earnings Equity Beginning balance $ 12,700 $ 5,700 $ 18,400 Issuances of stock 1,700 Add: Net income 3,700 3,700 Less: Dividends Ending balance $ 14,400 $ 6,700 $ 21,100 Cash Supplies Land Building Total assets HURRICANE, INCORPORATED Balance Sheet December 31, 2024 Assets Liabilities $ 1.100 Accounts payable $ 2,700 3,300 Stockholders' Equity 4,700 Common stock 14,700 Retained earnings Total liabilities and stockholders' equity
Transcribed Image Text:HURRICANE, INCORPORATED Income Statement Year Ended December 31, 2024 Revenues $ 0 Expenses: Salaries $ 11,700 Rent 5,700 Advertising 3,700 Net income $ -21,100 HURRICANE, INCORPORATED Statement of Stockholders' Equity Year ended December 31, 2024 Common Stock Retained Total Stockholders' Earnings Equity Beginning balance $ 12,700 $ 5,700 $ 18,400 Issuances of stock 1,700 Add: Net income 3,700 3,700 Less: Dividends Ending balance $ 14,400 $ 6,700 $ 21,100 Cash Supplies Land Building Total assets HURRICANE, INCORPORATED Balance Sheet December 31, 2024 Assets Liabilities $ 1.100 Accounts payable $ 2,700 3,300 Stockholders' Equity 4,700 Common stock 14,700 Retained earnings Total liabilities and stockholders' equity
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