
Concept explainers
P1-42A Preparing financial statements
Learning Objective 5
1. Net Income $115,700
Presented here are the accounts of Hometown Decor Company for the year ended December 31, 2018.
Presented here are the accounts of Hometown Decor Company for the year ended December 31,2018.
Land |
$13,000 |
Owner contribution. 2018 |
$28,000 |
Notes Payable |
33,000 |
Accounts Payable |
14,000 |
Property Tax Expense |
2,800 |
800 |
|
Hunt, Withdrawals |
36,000 |
Advertising Expense |
17,000 |
Rent Expense |
14,000 |
Building |
170,400 |
Salaries Expense |
67,000 |
Cash |
2,800 |
Salaries Payable |
1,300 |
Equipment |
17,000 |
Service Revenue |
225,000 |
Insurance Expense |
1,700 |
Office Supplies |
8,000 |
Interest Expense |
6,800 |
Hunt, Capital. Dec. 31, 2017 |
56,000 |
Requirements
1. Prepare Hometown Decor Company's income statement.
2. Prepare the statement of owner's equity.
3. Prepare the

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Chapter 1 Solutions
Horngren's Accounting, Student Value Edition (12th Edition)
Additional Business Textbook Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Gitman: Principl Manageri Finance_15 (15th Edition) (What's New in Finance)
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Foundations Of Finance
Macroeconomics
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