The completed financial statement columns of the worksheet for Hubbs Company are shown below.
P4-3A The completed financial statement columns of the worksheet for Hubbs Company are shown below.
For the Year Ended December 31, 2014
Income Statement Balance Sheet
No. Account Titles Dr. Cr. Dr. Cr.
101 Cash 6,200
112 Accounts Receivable 7,500
130 Prepaid Insurance 1,800
157 Equipment 33,000
167 Accumulated Depreciation—Equip. 9,900
201 Accounts Payable 11,700
212 Salaries and Wages Payable 3,000
311 Common Stock 20,000
320 Retained Earnings 9,700
332 Dividends 4,000
400 Service Revenue 47,000
622 Maintenance and Repairs Expense 4,100
711 Depreciation Expense 3,300
722 Insurance Expense 2,200
726 Salaries and Wages Expense 35,200
732 Utilities Expense 4,000
Totals 48,800 47,000 52,500 54,300
Net Loss 1,800 1,800
48,800 48,800 54,300 54,300
(a) Prepare an income statement, a retained earnings statement, and a classified balance sheet. No additional common stock was issued during 2014.
(b) Prepare the closing entries.
(c) Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350.
(d) Prepare a post-closing trial balance.
Dividends Expenses Investments Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues
DividendsExpensesInvestmentsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $
We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.Read more
The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.Read more
The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.Read more
By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.Read more