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
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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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