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Problem 2-7 (Algo) Understand financial statements (LO2-1, 2-2, 2-4, 2-8) Below are incomplete financial statements for Hurricane, Incorporated Required: Calculate the missing amounts. HURRICANE, INCORPORATED Income Statement Year Ended December 31, 2024 Revenues Expenses Salaries $ 11,400 Rent 5,400 Advertising 3,400 Net income $ -20.200 HURRICANE, INCORPORATED Statement of Stockholders' Equity Year ended December 31, 2024 Common Retained Total Stockholders' Stock Earnings Equity Beginning balance $ 12,400 $ 5,400 $ 17,800 Issuances of stock Add: Net income Less: Dividends Ending balance Cash Supplies Land Building Total assets 3,400 3,400 $ 13,800 $ 6,400 $ 20,200 HURRICANE, INCORPORATED Balance Sheet December 31, 2024 Assets Liabilities $ 1,100 Accounts payable $ 2,400 Stockholders' Equity 4,400 Common stock 14,400 Retained earnings Total liabilities and stockholders' equity

Problem 2-7 (Algo) Understand financial statements (LO2-1, 2-2, 2-4, 2-8) Below are incomplete financial statements for Hurricane, Incorporated Required: Calculate the missing amounts. HURRICANE, INCORPORATED Income Statement Year Ended December 31, 2024 Revenues Expenses Salaries $ 11,400 Rent 5,400 Advertising 3,400 Net income $ -20.200 HURRICANE, INCORPORATED Statement of Stockholders' Equity Year ended December 31, 2024 Common Retained Total Stockholders' Stock Earnings Equity Beginning balance $ 12,400 $ 5,400 $ 17,800 Issuances of stock Add: Net income Less: Dividends Ending balance Cash Supplies Land Building Total assets 3,400 3,400 $ 13,800 $ 6,400 $ 20,200 HURRICANE, INCORPORATED Balance Sheet December 31, 2024 Assets Liabilities $ 1,100 Accounts payable $ 2,400 Stockholders' Equity 4,400 Common stock 14,400 Retained earnings Total liabilities and stockholders' equity

FINANCIAL ACCOUNTING
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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Problem 2-7 (Algo) Understand financial statements (LO2-1, 2-2, 2-4, 2-8) Below are incomplete financial statements for Hurricane, Incorporated Required: Calculate the missing amounts. HURRICANE, INCORPORATED Income Statement Year Ended December 31, 2024 Revenues Expenses Salaries $ 11,400 Rent 5,400 Advertising 3,400 Net income $ -20.200 HURRICANE, INCORPORATED Statement of Stockholders' Equity Year ended December 31, 2024 Common Retained Total Stockholders' Stock Earnings Equity Beginning balance $ 12,400 $ 5,400 $ 17,800 Issuances of stock Add: Net income Less: Dividends Ending balance Cash Supplies Land Building Total assets 3,400 3,400 $ 13,800 $ 6,400 $ 20,200 HURRICANE, INCORPORATED Balance Sheet December 31, 2024 Assets Liabilities $ 1,100 Accounts payable $ 2,400 Stockholders' Equity 4,400 Common stock 14,400 Retained earnings Total liabilities and stockholders' equity
Transcribed Image Text:Problem 2-7 (Algo) Understand financial statements (LO2-1, 2-2, 2-4, 2-8) Below are incomplete financial statements for Hurricane, Incorporated Required: Calculate the missing amounts. HURRICANE, INCORPORATED Income Statement Year Ended December 31, 2024 Revenues Expenses Salaries $ 11,400 Rent 5,400 Advertising 3,400 Net income $ -20.200 HURRICANE, INCORPORATED Statement of Stockholders' Equity Year ended December 31, 2024 Common Retained Total Stockholders' Stock Earnings Equity Beginning balance $ 12,400 $ 5,400 $ 17,800 Issuances of stock Add: Net income Less: Dividends Ending balance Cash Supplies Land Building Total assets 3,400 3,400 $ 13,800 $ 6,400 $ 20,200 HURRICANE, INCORPORATED Balance Sheet December 31, 2024 Assets Liabilities $ 1,100 Accounts payable $ 2,400 Stockholders' Equity 4,400 Common stock 14,400 Retained earnings Total liabilities and stockholders' equity
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