Hogan Co had the following account balances as of December 31, 2015 Accounts Payable $ 45,000 Accounts Receivable 775,000 Accumulated Depreciation Furniture Equipment 1,005,000 Cash 425,000 Hogan, Drawing 250,000 Depreciation Expense 175,000 Notes Payable due in 5 years 500,000 Furniture Equipment ...

To prepare the required financial statements for Hogan Co for the year ending December 31 2015 ...

Hogan Co. had the following account balances as of December 31, 2015: Accounts Payable $ 45,000 Accounts

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Question:

Hogan Co. had the following account balances as of December 31, 2015:

Accounts Payable	$ 45,000
Accounts Receivable	775,000
Accumulated Depreciation – Furniture Equipment	1,005,000
Cash	425,000
Hogan, Drawing	250,000
Depreciation Expense	175,000
Notes Payable - due in 5 years	500,000
Furniture Equipment	2,000,000
Rent Expense	233,000
Service Revenue	1,750,000
Unearned Service Revenue	95,000
Wage Expense	525,000
Utilities Expense	12,000

The balance in Hogan, Capital on January 1, 2015 was $1,000,000. Hogan drew out $250,000 during 2015 for his personal use.

Required: Prepare in good form an Income Statement, a Statement of Owner’s Equity and both a CLASSIFIED AND COMMON-SIZED Balance Sheet for the Hogan Co. for the year ending December, 2015 on the pages that follow.