Refer to the trial balance prepared in part (d) of P2-9B for HN HR Consulting. Instructions Use

Question:

Refer to the trial balance prepared in part (d) of P2-9B for HN HR Consulting.

Instructions

Use the trial balance to do the following:

(a) Prepare an income statement.

(b) Prepare a statement of owner's equity.

TAKING IT FURTHER Hobson would like to close the business and retire. He has reviewed the financial statements, and thinks he will be able to take out cash equal to the balance in his capital account. Do you agree? Why or why not?

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Accounting Principles Part 1

ISBN: 978-1118306789

6th Canadian edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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Question Posted: Mar 15, 2017 10:58 AM

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Refer to the trial balance prepared in part (d) of P2-9B for HN HR Consulting. Instructions Use

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a HN HR CONSULTING Income Statement Month Ended March 31 2014 Revenues Service revenue 7000 Expenses ...View the full answer

Accounting Principles Part 1

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