Question
Hulk, Inc. uses an accounting period that begins on January 1, 2021 and ends on December 31, 2021. It prepares a balance sheet on January
Hulk, Inc. uses an accounting period that begins on January 1, 2021 and ends on December 31, 2021. It prepares a balance sheet on January 1 that is left over from 2020. They also complete an income statement, statement of equity, balance sheet for the end of the period (2021) and cash flow statement. Describe how each of the financial statements listed would change if Hulk provided services to a customer and collected cash payment during December 2021 for $5,000 which was originally missed by the accountant. Be as specific about the changes as you can be. Describing how the purchase of equipment with cash in June 2022 would affect the financial statements listed.
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