Question

Prepare a balance sheet from the adjusted trial balance of Hanson Storage.


HANSON STORAGE Adjusted Trial Balance December 31
Cash $ 3,050
Accounts receivable 400
Prepaid insurance 830
Office supplies 80
Office equipment 4,200
Accumulated depreciation office equipment $ 1,100
Buildings 98,000
Accumulated depreciation buildings 28,000
Land 115,000
Wages payable 880
Property taxes payable 1,400
Interest payable 2,200
Unearned rent 460
Long-term notes payable 150,000
Common stock 15,000
Retained earnings 25,340
Dividends 21,000
Rent earned 57,500
Wages expense 25,000
Utilities expense 1,900
Property taxes expense 2,400
Insurance expense 800
Office supplies expense 250
Depreciation expense office equipment 400
Depreciation expense buildings 5,570
Interest expense 3,000
Totals $281,880 $281,880

Answer

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