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can someone use the following photos to find the income statement, trial balance, retained earnings statement and balance sheet please? Hassellhouf Company's trial balance at
can someone use the following photos to find the income statement, trial balance, retained earnings statement and balance sheet please?
Hassellhouf Company's trial balance at December 31, 2020, is as follows. All 2020 transactions have been recorded except for the items described following the trial balance. Debit Credit $26,000 35,000 8,400 0 36,300 3,900 20,700 135,600 61.100 9.600 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2018) Interest Payable Notes Payable (due after 2018) Owner's Capital Owner's Drawings Sales Revenue Interest Revenue Rent Revenue $500 45,200 24.440 27,000 0 2,100 12,000 0 36,000 108,160 15,000 904.000 g 0 5.88/30 108,160 15,000 904,000 0 0 0 Owner's Capital Owner's Drawings Sales Revenue Interest Revenue Rent Revenue Gain on Disposal of Plant Assets Bad Debts Expense Cost of Goods Sold Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total 0 639.000 0 0 0 61,800 0 107.000 $1.159,400 $1,159,400 Unrecorded transactions: 4 M 1. On May 1, 2020, Hassellhouf purchased equipment for $16,800 plus sales taxes of $1,600 (all paid in cash). 2. On July 1, 2020, Hassellhouf sold for $3,600 equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2020, was $1.800; 2020 depreciation prior to the sale of the equipment was $500. 3. On December 31, 2020, Hassellhouf sold on account $5,400 of inventory that cost $3,300. Hassellhouf estimates that uncollectible accounts receivable at year-end is $3,800. 5. The note receivable is a one-year, 8% note dated April 1, 2020. No interest has been recorded. 6. The balance in prepaid insurance represents payment of a $3,900 6-month premium on September 1, 2020. 7. The building is being depreciated using the straight-line method over 30 years. The salvage value is $33,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 9. The equipment purchased on May 1, 2020, is being depreciated using the straight-line method over 5 years, with a salvage value of $1,600. 10. The patent was acquired on January 1, 2020, and has a useful life of 10 years from that date. 11 Unpaid salaries and wages at December 31, 2020. total $2,100. e 9 G H N M Prepare journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered, Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) No. Account Titles and Explanation 1. Equipment Debit Credit 18400 Cash 18400 2. Depreciation Expense 500 Accumulated Depreciation Equipment (To record depreciation expense.) 500 Cash 3600 Accumulated Depreciation Equipment 2300 Equipment 5000 Gain on Disposal of Plant Assets (To record sale of equipment.) 900 3. Accounts Receivable 5400 Sales Revenue (To record sales revenue.) 5400 Cost of Goods Sold 3300 Inventory (To record cost of goods sold.) 3300 Bad Debt Expense Allowance for Doubtful Accounts 4000 5. Interest Receivable 4000 504 5. Interest Receivable 504 Interest Revenue 504 6. Insurance Expense 2600 Prepaid Insurance 2600 7. Depreciation Expense 3420 Accumulated Depreciation Buildings 3420 8. Depreciation Expense 10098 Accumulated Depreciation Equipment 10098 9. Depreciation Expense 2240 Accumulated Depreciation Equipment 2240 10. Amortization Expense 960 Patents 960 11. Salaries and Wages Expense 2100 Salaries and Wages Payable 12. 2100 Unearned Rent Revenue 700 Rent Revenue 13 Interest Expense 700 4320 Interest Payable 4320 Hassellhouf Company's trial balance at December 31, 2020, is as follows. All 2020 transactions have been recorded except for the items described following the trial balance. Debit Credit $26,000 35,000 8,400 0 36,300 3,900 20,700 135,600 61.100 9.600 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2018) Interest Payable Notes Payable (due after 2018) Owner's Capital Owner's Drawings Sales Revenue Interest Revenue Rent Revenue $500 45,200 24.440 27,000 0 2,100 12,000 0 36,000 108,160 15,000 904.000 g 0 5.88/30 108,160 15,000 904,000 0 0 0 Owner's Capital Owner's Drawings Sales Revenue Interest Revenue Rent Revenue Gain on Disposal of Plant Assets Bad Debts Expense Cost of Goods Sold Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total 0 639.000 0 0 0 61,800 0 107.000 $1.159,400 $1,159,400 Unrecorded transactions: 4 M 1. On May 1, 2020, Hassellhouf purchased equipment for $16,800 plus sales taxes of $1,600 (all paid in cash). 2. On July 1, 2020, Hassellhouf sold for $3,600 equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2020, was $1.800; 2020 depreciation prior to the sale of the equipment was $500. 3. On December 31, 2020, Hassellhouf sold on account $5,400 of inventory that cost $3,300. Hassellhouf estimates that uncollectible accounts receivable at year-end is $3,800. 5. The note receivable is a one-year, 8% note dated April 1, 2020. No interest has been recorded. 6. The balance in prepaid insurance represents payment of a $3,900 6-month premium on September 1, 2020. 7. The building is being depreciated using the straight-line method over 30 years. The salvage value is $33,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 9. The equipment purchased on May 1, 2020, is being depreciated using the straight-line method over 5 years, with a salvage value of $1,600. 10. The patent was acquired on January 1, 2020, and has a useful life of 10 years from that date. 11 Unpaid salaries and wages at December 31, 2020. total $2,100. e 9 G H N M Prepare journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered, Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) No. Account Titles and Explanation 1. Equipment Debit Credit 18400 Cash 18400 2. Depreciation Expense 500 Accumulated Depreciation Equipment (To record depreciation expense.) 500 Cash 3600 Accumulated Depreciation Equipment 2300 Equipment 5000 Gain on Disposal of Plant Assets (To record sale of equipment.) 900 3. Accounts Receivable 5400 Sales Revenue (To record sales revenue.) 5400 Cost of Goods Sold 3300 Inventory (To record cost of goods sold.) 3300 Bad Debt Expense Allowance for Doubtful Accounts 4000 5. Interest Receivable 4000 504 5. Interest Receivable 504 Interest Revenue 504 6. Insurance Expense 2600 Prepaid Insurance 2600 7. Depreciation Expense 3420 Accumulated Depreciation Buildings 3420 8. Depreciation Expense 10098 Accumulated Depreciation Equipment 10098 9. Depreciation Expense 2240 Accumulated Depreciation Equipment 2240 10. Amortization Expense 960 Patents 960 11. Salaries and Wages Expense 2100 Salaries and Wages Payable 12. 2100 Unearned Rent Revenue 700 Rent Revenue 13 Interest Expense 700 4320 Interest Payable 4320Step by Step Solution
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