Hogan Co. had the following account balances as of December 31, 2015: Accounts Payable $ 45,000...
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.
Homework Answers
Common sized balance sheet's percentages are calculated using the below formula:
Particular item percentage = Particular item amount * 100 / Total asset amount
Add Answer to:
Hogan Co. had the following account balances as of December 31,
2015:
Accounts Payable
$ 45,000...
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