Problem
4-3A The completed financial statement columns of the worksheet for Hubbs
Company are shown below.
Hubbs Company Worksheet
For the Year Ended December 31,
2014
Income Statement Balance Sheet
Account
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
Instructions
(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.
TUTORIAL
PREVIEW
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(a)
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HUBBS COMPANY, INC.
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Income Statement
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For the Year Ended December 31, 2014
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Revenues
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Service
revenue
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$47,000
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Expenses
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Maintenance
and Repair expense
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4,100
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Depreciation expense
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3,300
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File name: P4-3A-Hubbs-company.xls File type: XLS
Price: $9
