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Below are transactions for Hurricane Company during 2 0 2 6 . 1 0 points eBook Hint References On October 1 , 2 0 2
Below are transactions for Hurricane Company during points eBook Hint References On October Hurricane lent $ to another company. The other company signed a note indicating principal and interest will be paid to Hurricane on September On November Hurricane paid its landlord $ representing rent for the months of November through January. The payment was recorded in Prepaid Rent for the entire amount on November Costs related to rent for the first months of the year total $ On August Hurricane collected $ in advance from another company to provide consulting services for year. The entire amount was recorded in Deferred Revenue. Hurricane generates $ in other Service Revenue during the year. Utilities owed at the end of the year are $ For the first months of the year, Hurricane has paid $ for utilities. Salaries for December earned by employees but not paid to them or recorded are $ For the first months of the year, Hurricane has paid $ for salaries. Hurricane began the year with $ in supplies. During the year, the company purchased $ in supplies. At yearend, supplies costing $ remain on hand. Required: For each item, determine the accounts to be adjusted on December ; the amount of the adjustment; and the ending balance. Assume no adjustments were previously made during the year. Prepare an income statement for the year ended December based on the items above. Note: Amounts to be deducted should be indicated with a minus sign. Complete this question by entering your answers in the tabs below. Required Required Prepare an income statement for the year ended December based on the items above. tableHurricane CompanyIncome StatementFor the year ended December Revenues:Service Revenue,,Interest Revenue,,Total revenues,,Expenses:Rent Expense,,Utilities Expense,,Salaries Expense,,Supplies Expense,,Iotal Expenses,,Net Income,,C
Below are transactions for Hurricane Company during
points
eBook
Hint
References
On October Hurricane lent $ to another company. The other company signed a note indicating principal and interest will be paid to Hurricane on September
On November Hurricane paid its landlord $ representing rent for the months of November through January. The payment was recorded in Prepaid Rent for the entire amount on November Costs related to rent for the first months of the year total $
On August Hurricane collected $ in advance from another company to provide consulting services for year. The entire amount was recorded in Deferred Revenue. Hurricane generates $ in other Service Revenue during the year.
Utilities owed at the end of the year are $ For the first months of the year, Hurricane has paid $ for utilities.
Salaries for December earned by employees but not paid to them or recorded are $ For the first months of the year, Hurricane has paid $ for salaries.
Hurricane began the year with $ in supplies. During the year, the company purchased $ in supplies. At yearend, supplies costing $ remain on hand.
Required:
For each item, determine the accounts to be adjusted on December ; the amount of the adjustment; and the ending balance. Assume no adjustments were previously made during the year.
Prepare an income statement for the year ended December based on the items above.
Note: Amounts to be deducted should be indicated with a minus sign.
Complete this question by entering your answers in the tabs below.
Required
Required
Prepare an income statement for the year ended December based on the items above.
tableHurricane CompanyIncome StatementFor the year ended December Revenues:Service Revenue,,Interest Revenue,,Total revenues,,Expenses:Rent Expense,,Utilities Expense,,Salaries Expense,,Supplies Expense,,Iotal Expenses,,Net Income,,C
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