Ryan Hope, controller of Hope, Inc provides you with the following information concerning all transactions during 2019 Hope, Inc began operations on January 1, 2019 For this problem, use a separate expense line for each type of expense both on the worksheet and on your formatted income statement (See example on p 29, 30 ) 1 Issued 1,000 shares of common stock at $95 per share 2 Paid $2,600 in rent every month for office and warehouse space 3 Provided services to customers for $65,000 in cash and $125,000 on credit 4 Purchased land for $32,000 in cash 5 Borrowed $75,000 on December 31 The note payable matures in two years 6 Salaries totaling $80,000 were paid during the year Other expenses totaling $40,000 were paid during the year 7 $56,000 in cash was received later in 2019 from the credit customers above (See 3 ) 8 Declared and paid a dividend of $26,000 Where did I go wrong when entering these entries Please prepare Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows G H T J L M N T3 End Bal Close Rev Exp T4 TS T6 T7 T8 Purchased Land Borrowed from the bank Paid Salaries and other Expenses belved from credit a Paid Dividend (32,000 00) $ 75,000 00 $ (120,000 00) $ 56,000 00 $ (26,000 00) Inv Fin Op Op Fin $ (56,000 00) Received Cash for Services 65,000 00 $ Op 125,000 00 81,800 69,000 $ 32,000 00 32,000 182,800 31,200 A B C D E F 1 ACCOUNTING WORKSHEET 2 Company Name 3 4 WORKSHEET Beg Bal T1 T2 5 Assets Issued Common Stock Rent and Warehouse Space 6 Cash $ $ 95,000 00 $ (31,200 00) $ ) 7 7 Op inv Fin Fin 8 Accounts Receivable $ $ 9 Inventory $ 10 11 12 PPE $ 13 14 TOTAL Assets $ 15 16 Liabilities 17 Accounts Payable $ $ 31,200 00 18 19 20 Bank Loan Payable $ 21 22 23 Owners' Equity 24 Common Stock $ $ $ 95,000 00 25 Contributed Capital $ 26 Retained Earnings $ 27 Revenues $ $ 28 $ 29 TOTAL Llabs Owners' Equity $ 30 31 Check Row 0 00 0 00 0 00 32 33 Data for Income Statement 34 Data for Statement of Retained Earnings 35 Data for Statement of Cash Flows 36 Data for Balance Sheet 37 38 39 40 41 $ 75,000 00 75,000 95,000 $ (26,000 00) $44,000 00 44,000 190,000 00 Expense $ (120,000 00 0 00 0 00 0 00 0 00 0 00 0 00 $44,000 00

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Ryan Hope, controller of Hope, Inc. provides you with the following information concerning all transactions during 2019. Hope, Inc. began operations on January 1, 2019.

Ryan Hope, controller of Hope, Inc. provides you with the following information concerning all transactions during 2019. Hope, Inc. began operations on January 1, 2019. For this problem, use a separate expense line for each type of expense both on the worksheet and on your formatted income statement. (See example on p.29, 30.)

1. Issued 1,000 shares of common stock at $95 per share.

2. Paid $2,600 in rent every month for office and warehouse space.

3. Provided services to customers: for $65,000 in cash and $125,000 on credit.

4. Purchased land for $32,000 in cash.

5. Borrowed $75,000 on December 31. The note payable matures in two years.

6. Salaries totaling $80,000 were paid during the year. Other expenses totaling $40,000 were paid during the year.

7. $56,000 in cash was received later in 2019 from the credit customers above. (See #3.)

8. Declared and paid a dividend of $26,000.

Where did I go wrong when entering these entries?

Please prepare Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows.

image text in transcribed

G H T J L M N T3 End. Bal. . Close Rev/Exp T4 TS T6 T7 T8 Purchased Land Borrowed from the bank Paid Salaries and other Expenses belved from credit a Paid Dividend (32,000.00) $ 75,000.00 $ (120,000.00) $ 56,000.00 $ (26,000.00) Inv Fin Op Op Fin $ (56,000.00) Received Cash for Services 65,000.00 $ Op 125,000.00 81,800 69,000 $ 32,000.00 32,000 182,800 31,200 A B C D E F 1 ACCOUNTING WORKSHEET 2 Company Name 3 4 WORKSHEET Beg. Bal. T1 T2 5 Assets Issued Common Stock Rent and Warehouse Space 6 Cash $ $ 95,000.00 $ (31,200.00) $ ) 7 7 Op?inv?Fin? Fin 8 Accounts Receivable $ $ 9 Inventory $ 10 11 12 PPE $ 13 14 TOTAL Assets $ 15 16 Liabilities 17 Accounts Payable $ $ 31,200.00 18 19 20 Bank Loan Payable $ 21 22 23 Owners' Equity 24 Common Stock $ $ $ 95,000.00 25 Contributed Capital $ 26 Retained Earnings $ 27 Revenues $ $ 28 $ 29 TOTAL Llabs & Owners' Equity $ 30 31 Check Row: 0.00 0.00 0.00 32 33 Data for Income Statement 34 Data for Statement of Retained Earnings 35 Data for Statement of Cash Flows 36 Data for Balance Sheet 37 38 39 40 41 $ 75,000.00 75,000 95,000 $ (26,000.00) $44,000.00 44,000 190,000.00 Expense $ (120,000.00 0.00 0.00 0.00 0.00 0.00 0.00 $44,000.00