Ask Experts Questions for FREE Help !
    craw2488's Avatar
    craw2488 Posts: 2, Reputation: 1
    New Member

    Dec 22, 2007, 10:08 AM
    Financial Statement with Balance sheet and income statement
    Here's the problem:

    The Hobart Company incurred the following transactions during 2003:

    A. Acquired $50,000 of cash capital from owners
    B. Paid $10,000 to acquire manufacturing equipment
    C. Paid $5,000 cash for materials used in production
    D. Paid $2,000 for wages of production workers
    E. Paid $8,000 in general, selling, and administrative costs
    F. Recognized $1,000 of depreciation on the manufacturing equipment
    G. Sold inventory for $18,000 cash
    H. The cost of the inventory sold was $6,500

    Show the financial statement effects of the transactions by completing the financial statement schedule provided.

    Balance Sheet Income Statement

    T/A | Cash | Inventory | Equip. = Cont. Cap| Ret. Ear. Rev. (-) Exp. = NI

    xiane's Avatar
    xiane Posts: 1, Reputation: 1
    New Member

    Nov 5, 2009, 11:39 PM

    You must prepare first the entries to come up with statements

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Relationship between Balance sheet and income statement [ 1 Answers ]

I just need to know the company performance by make a fixed relation ship between balance sheet and income statement

Prepare a Balance Sheet and Income Statement [ 3 Answers ]

My accountant has given me the following list of account balances for Moes Tires as of December 31, 2003: Acccounts Payable 7,500 Accounts Receivable 10,000 Building 4,000 Cash 2,500 Common Stock 3,000 Cost of...

Income statement, owners equity statement and balance sheet [ 6 Answers ]

Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E") Purchases………………... E250,000 Freight In……………… E8,000 Sales discounts…………. 4,000 Purchase returns…….. 7,000 Inventory Sales…………………. ...

Balance Sheet/Income Statement Questions [ 2 Answers ]

My assignment includes writing up both a balance sheet and income statement given the trial balance. I've completed most of it, but I'm a bit unsure on a few things... 1) Allowance for Bad Debts. - Am I to consider this a current asset? 2) Patents. - Most likely long-term asset? Also, I'm...

Income statement and balance sheet [ 4 Answers ]

Help please here the question. 1. Study the following financial year accounts of Brakers Ltd and answer the following questions. Items on the income statement on 28 February 1985 Administration and sales expense 50 000 Interest paid 7 500 Gross income 157 500 Income before tax 100 000

View more questions Search