ACCOUNTING PRINCIPLES V2 6/17 >C<
3rd Edition
ISBN: 9781323761458
Author: Horngren
Publisher: PEARSON C
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Chapter 1, Problem P1.42APGA
P1-42A Preparing financial statements
Learning Objective 5
1. Net Income $115,700
Presented here are the accounts of Hometown Decor Company for the year ended December 31, 2018.
Presented here are the accounts of Hometown Decor Company for the year ended December 31,2018.
| Land |
$13,000 |
Owner contribution. 2018 |
$28,000 |
| Notes Payable |
33,000 |
Accounts Payable |
14,000 |
| Property Tax Expense |
2,800 |
Accounts Receivable |
800 |
| Hunt, Withdrawals |
36,000 |
Advertising Expense |
17,000 |
| Rent Expense |
14,000 |
Building |
170,400 |
| Salaries Expense |
67,000 |
Cash |
2,800 |
| Salaries Payable |
1,300 |
Equipment |
17,000 |
| Service Revenue |
225,000 |
Insurance Expense |
1,700 |
| Office Supplies |
8,000 |
Interest Expense |
6,800 |
| Hunt, Capital. Dec. 31, 2017 |
56,000 |
Requirements
1. Prepare Hometown Decor Company's income statement.
2. Prepare the statement of owner's equity.
3. Prepare the balance sheet.
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Chapter 1 Solutions
ACCOUNTING PRINCIPLES V2 6/17 >C<
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