Problem 3-6B (Algo) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The year-end financial statements of Gold Hunter Financial Services are provided below. GOLD HUNTER Income Statement Service revenue Expenses: Salaries Supplies Rent Delivery Net income Beginning balance, January 1 Issue stock Net Income Dividends Ending balance, December 31. Assets Cash Accounts receivable Land Total assets Required: $49,200 9,300 7,700 3,900 GOLD HUNTER Statement of Stockholders' Equity $85,700 $6,800 9,400 112,000 70,100 $15,600 Common Stock $62,000 16,000 $128,200 $78,000 Retained Earnings $32,500 15,600 (6,200) $41,900 GOLD HUNTER Balance Sheet Total Stockholders' Equity $94,500 16,000 15,600 (6,200) $119,900 Liabilities: Accounts payable. Stockholders' Equity Common stock Retained earnings Total liabilities and equities; $78,000 41,900 $8,300 119,900 $128,200

Problem 3-6B (Algo) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The year-end financial statements of Gold Hunter Financial Services are provided below. GOLD HUNTER Income Statement Service revenue Expenses: Salaries Supplies Rent Delivery Net income Beginning balance, January 1 Issue stock Net Income Dividends Ending balance, December 31. Assets Cash Accounts receivable Land Total assets Required: $49,200 9,300 7,700 3,900 GOLD HUNTER Statement of Stockholders' Equity $85,700 $6,800 9,400 112,000 70,100 $15,600 Common Stock $62,000 16,000 $128,200 $78,000 Retained Earnings $32,500 15,600 (6,200) $41,900 GOLD HUNTER Balance Sheet Total Stockholders' Equity $94,500 16,000 15,600 (6,200) $119,900 Liabilities: Accounts payable. Stockholders' Equity Common stock Retained earnings Total liabilities and equities; $78,000 41,900 $8,300 119,900 $128,200

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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