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    hamannj11's Avatar
    hamannj11 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Oct 14, 2006, 07:33 AM
    financial statements
    Selected amounts from H&B co. info system appear as follows:
    Cash paid employees for salaries and wages=300,000
    Cash collocted from sales customers=1,850,000
    Bonds payable=500,000
    Cash=150,000
    Common stock=60,000
    Equipment=840,000
    Prepaid insurance=30,000
    Inventory=250,000
    Prepaid Rent=140,000
    Retained earnings=130,000
    Salaries and wage expense=328,000
    Sales=2,000,000
    Five adjustments that need to be made:
    a. The equipment purchased on Jan1,2003, has a useful life of 12 years with no salvage value, straight line method is used
    b.Interest accrued on the bonds payable is $20,000, as of Dec 31,2003
    c. Unexpired insurance at December31,2003=$7000
    d. The rent payment of $140,000 covered the 4 months from Dec 1,2003-through March 31
    e. Salaries and wages of $28,000 were earned but unpaid at Dec 31,2003
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Oct 14, 2006, 08:15 AM
    Please refer to this Announcement
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