Question
Using the information given below, prepare an income statement, Statement of Retained Earnings and balance sheet for Hanson Storage from the adjusted trial balance. No
Using the information given below, prepare an income statement, Statement of Retained Earnings and balance sheet for Hanson Storage from the adjusted trial balance. No additional investments in the company were made during the year. ( really need help with making an income statement, statement of retained earnings, and balance sheet.
HANSON PRODUCTS COMPANY Adjusted Trial Balance December 31, 2018 | ||
| Debit | Credit |
Cash | $ 14,400 |
|
Accounts receivable | 35,000 |
|
Allowance for doubtful accounts |
| 800 |
Merchandise inventory | 50,400 |
|
Office supplies | 900 |
|
Prepaid Insurance | 1,200 |
|
Equipment | 60,000 |
|
Accumulated depreciation equipment |
| 25,000 |
Accounts payable |
| 12,000 |
Notes payable |
| 10,000 |
Common stock |
| 40,000 |
Retained earnings |
| 22,250 |
Dividends | 21,000 |
|
Net Sales |
| 320,300 |
Cost of goods sold | 205,000 |
|
Sales salaries expense | 32,500 |
|
Depreciation expense equipment | 7,500 |
|
Office supplies expense | 1,300 |
|
Interest expense | 600 |
|
Bad Debts Expense | 200 |
|
Insurance Expense | 350 |
|
|
|
|
|
|
|
|
|
|
Totals | $430,350 | $430,350 |
|
|
|
Income Statement
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