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prepare an income statement, statement of owner's equity and a balance sheet.

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prepare an income statement, statement of owner's equity and a balance sheet. I'm still struggling with the steps involved and was hoping you could help me with this problem so, I can get a better understanding. Look forward to seeing how you would prepare these statements.;Hanson Storage;Adjusted Trial Balance;December 31;Cash 3050;Accounts receivable 400;Prepaid Insurance 830;Office supplies 80;Accumulated depreciation-office equipment 1,000;Buildings 98,000;Accumulated depreciation-buildings 28,000;Land $115,000;Wages payable 880;Property taxes payable 1,400;Interest payable 2,200;Unearned rent 460;Long-term notes payable 150,000;Mary Hanson, Capital 40,340;Mary Hanson, Withdrawals 21,000;Rent earned 57,500;Wages expense 25,000;Utilites expense 1,900;Property taxes expense 2,400;Insurance expense 800;Office supplies expense 250;Depreciation expense-office equipment 400;Depreciation expense-buildings 5,570;Interest expense 3,000;Totals 281,880;281,880;a. Prepare an income statement for the adjusted trial balance of Hanson Storage.;b. Prepare a statement of owner's equity from the adjusted trial balance of Hanson Storage. Ms. Hanson's capital account balance of $40,340 consists of a $30,340 beginning-year balance plus a $10,000 investment during the current year.;c. Prepare a balance sheet from the adjusted trial balance of Hanson Storage

 

Paper#26751 | Written in 18-Jul-2015

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