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Accounting problem: I am confused on most ofthe sheets and I am not sure if I filled it out correctly. Hubbs Company Worksheet For the
Accounting problem: I am confused on most ofthe sheets and I am not sure if I filled it out correctly.
Hubbs Company Worksheet For the Year Ended December 31, 2014 Income Statement Account No. Account Titles Dr. Cr. Balance Sheet Dr. Cr. 101 Cash 6,442 112 Accounts Receivable 7,958 130 Prepaid Insurance 157 Equipment 167 Accumulated DepreciationEquip. 201 Accounts Payable 212 Salaries and Wages Payable 311 Common Stock 20,538 320 Retained Earnings 10,600 332 Dividends 400 Service Revenue 622 Maintenance and Repairs Expense 3,548 711 Depreciation Expense 2,810 722 Insurance Expense 726 Salaries and Wages Expense 732 Utilities Expense 1,736 33,263 9,964 11,363 3,063 2,303 43,295 1,199 35,282 4,282 Totals 47,121 43,295 3,826 3,826 47,121 47,121 55,528 Net Loss 51,702 55,528 55,528 Don't show me this message again for the assignment Prepare an income statement. (If the amount for net income is negative, enter amount with either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).) HUBBS COMPANY Income Statement Forthe Year Ended December 31 , 2014 $ $ $ Don't show me this message again for the assignment Show List of Accounts Link to Text Link to Text Link to Text Prepare retained earnings statement. HUBBS COMPANY Retained Earnings Statement Forthe Year Ended December 31 , 2014 $ : $ $ Don't show me this message again for the assignment Show List of Accounts Link to Text Link to Text Link to Text Prepare a classified balance sheet. (List current assets in order of liquidity.) HUBBS COMPANY Balance Sheet December 31,2014 Assets $ $ : $ Liabilities and Stockholder's Equity $ $ $ Don't show me this message again for the assignment Show List of Accounts Link to Text Link to Text Link to Text Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31 Account Titles and Explanation Debit Credit (To close revenue account.) Dec. 31 (To close expense accounts.) Dec. 31 (To close net income / (loss).) Dec. 31 (To close dividends.) Don't show me this message again for the assignment Show List of Accounts Link to Text Link to Text Link to Text Post the closing entries and balance the accounts. (Use T-accounts.) Income Summary is account No. 350. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings No. 320 Dividends No. 332 Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 Depreciation Expense No. 711 Insurance Expense No. 722 Salaries and Wages Expense No. 726 Utilities Expense No. 732 Don't show me this message again for the assignment Show List of Accounts Link to Text Link to Text Link to Text Prepare a post-closing trial balance. HUBBS COMPANY Post-Closing Trial Balance December 31, 2014 Debit Credit $ $ Totals $ $Step by Step Solution
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