Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Financial Multi-Step Income Statement; Help please! Show how you got the numbers please and thank you! How do I make the income statement, retained earnings
Financial Multi-Step Income Statement; Help please! Show how you got the numbers please and thank you!
How do I make the income statement, retained earnings and balance sheet from this:
Hoofers Inc. opened for business on 1.1.16 Prepare the following: Adjusted Trial Balance For the Year Ended 12.31.16 Multi-Step Income Statement Retained Earnings Statement Classified Balance Sheet Cash Accounts Receivable Supplies Merchandise Inventory - EB Building 330 180 160, Check figures Income From Operations Net Income Total Current Assets Total Assets 545,000 Accumulated Depreciation Buliding 52000Vehicles 38,000 15 2000 Accumulated Depreciation- Vehicles 903,000Land 6,000 200 Accounts Payable Salaries Pavable Note Payable (Due on 1.1.20) Bonds Payable (Due on 5,31.35) Common Stock Paid-in Capital in Excess of Par- CS 36,000 10,000 70,000 140 155 l need help with making the multi-step financial statement don't remember where Bonds Payable, Paid-in Capital in Excess of Par- Common Stock, Retained Earnings, Treasury Stock, Rent Revenue, Gain on Sale of Land and Advertising Expence goes. 50,000 0 Restained Sarnins Treasury Stock Dividends Sales Revenue Rent Revenue Gain on Sale of Land Interest Revenue Cost of Goods Sold Salary Expense Supplies Expense Utilities Expense Advertising Expense 30 80 900,000 4,000 6,000 2,000 265 50 reciation Expense - Buildin 15 Depreciation Expense Vehicles Insurance Expense Interest Expense TOTAL 1,417,000 1,417,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started