Accounts balances as of August $31,20$xx for Hurricane

Supplies are listed in alphabetically order. Using the

"ALORE classification simplified" document in Canvas,

created an income statement and balance sheet.

You DO NOT need to calculate or show income tax expense.

Accounts payable $59,690$

Accounts receivable $113,360$

Accumulated depreciation $37,500$

Administrative Expense $63,000$

Allowance for doubtful accounts $5,310$

Bad debt expense $13,160$

Beginning retained earnings $51,139$

Cash $20,760$

Common stock $50,500$

Cost of goods sold $182,369$

Dividends $12,100$

Interest expense $33,860$

Interest payable $($short term$)3,330$

Interest receivable $($short term$)550$

Interest revenue $5,650$

Inventory $160,140$

Land $50,800$

Notes payable $($long term$)120,200$

Notes receivable $($short term$)17,020$

Office equipment $75,990$

Prepaid rent $14,030$

Rent expense $4,560$

Salaries expense $121,570$

Salaries payable $11,470$

Sales revenue $509,410$

Supplies $3,330$

Unearned revenue $62,760$

Utilities Expense $30,360$

Answer rating: 100% (QA)

Answer Heres the income statement and balance sheet for Hurricane Inc based on the prov... View the full answer