P4-3A 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
(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.xlxs File type: XLS Price: $15
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