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Business · Accounting
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1,400 cash from custuimeT3 ends of $3,500 were paid to stockholders. the transactions on the accounting equation of Thomas rto Exhibit 1-6 Accounting and the Business Environment 45 P1-42A Preparing financial statements Learning Objective 5 Presented here are the accounts of Hometown Décor Company for the year ended December 31, 2018. 1. Net Income $115,700 Land s 13,000 Common Stock $28,000 14,000 Notes Payable 33,000 Accounts Payable 2,800 Accounts Receivable 36,000 Advertising Expense 14,000 Building 67,000 Cash 1,300 Equipment Property Tax Expense Dividends Rent Expense Salaries Expense Salaries Payable Service Revenue Office Supplies 17,000 170,400 2,800 17,000 1,700 6,800 225,000 Insurance Expense 8,000 Interest Expense Retained Earnings, Dec. 31, 201756,000 Requirements 1. Prepare Hometown Décor Companys income statement. 2. Prepare the statement of retained earnings. 3. Prepare the balance sheet.
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