The following items were taken from the December 31, 20x4 financial statements of Hoffer Inc. Salaries...

 

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The following items were taken from the December 31, 20x4 financial statements of Hoffer Inc. Salaries Expense Share Capital Accounts payable Supplies Inventory Land Advertising Expense Sales Cost of Goods Sold Miscellaneous Expense Required: $91,500 a) b) 40,000 57,000 Accounts receivable 24,000 Insurance Expense 23,200 Accumulated Depreciation-Equip. 122,800 Note payable (due July 30, 20x9) 400,200 Income Tax Expense 36,000 Cash Equipment Unearned Revenue 143,000 Depreciation Expense 35,700 Interest Expense $86,500 10,800 Prepare a Statement of Income for the year ending December 31, 20x4. Calculate Retained Earnings as at December 31, 20x4. 22,700 30,00 103,600 The beginning retained earnings balance was $18,100. Dividends of $8,000 were declared and paid during the year. 17,800 60,000 52,600 15,000 4,500 The following items were taken from the December 31, 20x4 financial statements of Hoffer Inc. Salaries Expense Share Capital Accounts payable Supplies Inventory Land Advertising Expense Sales Cost of Goods Sold Miscellaneous Expense Required: $91,500 a) b) 40,000 57,000 Accounts receivable 24,000 Insurance Expense 23,200 Accumulated Depreciation-Equip. 122,800 Note payable (due July 30, 20x9) 400,200 Income Tax Expense 36,000 Cash Equipment Unearned Revenue 143,000 Depreciation Expense 35,700 Interest Expense $86,500 10,800 Prepare a Statement of Income for the year ending December 31, 20x4. Calculate Retained Earnings as at December 31, 20x4. 22,700 30,00 103,600 The beginning retained earnings balance was $18,100. Dividends of $8,000 were declared and paid during the year. 17,800 60,000 52,600 15,000 4,500

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