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all financial statements Problem 2 Hire, Inc. Listed below are the accounts for Hire, Inc. at December 31, 2019 and their balances. The amounts listed
all financial statements
Problem 2 Hire, Inc. Listed below are the accounts for Hire, Inc. at December 31, 2019 and their balances. The amounts listed for the Income Statement accounts are before the closing entry has been posted. The amounts for the Balance Sheet accounts are after the closing entry has been posted. Accounts Payable Accounts Receivable Accumulated Depreciation Advertising Expense Building Cash Common Stock Cost of Goods Sold Equipment Interest Expense Insurance Expense Inventory Depreciation Expense Note Payable - Bank $150,000 83,500 50,000 10,000 120,000 75,000 102,000 410,000 100,000 6,000 5,000 100,000 36,000 120,000 Prepaid Rent Rent Expense Retained Earnings Sales Wage Expense Wages Payable Security Deposit Tax Expense Taxes Payable 2,000 38,000 47,500 870,000 300,000 9,000 12,000 19,500 14,000 Hire's beginning balance in Retained Earnings was $17,000 and the beginning Common Stock balance was $40,000 for 4,000 shares; 6,200 shares were sold on July 1. The Note Payable - Bank requires annual payments of $10,000 plus interest at 5%. The company paid $15,000 of dividends during the year Step by Step Solution
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