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I-05.03 Problem - -111,888 Loan payable-500,900 Capital...

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I-05.03 Hanna Sports is a retailer that specializes in athletic equipment. The corporate strategy is to focus on towns with a population of less than 25,000 people, thereby avoiding head- to-head competition with large retail chains. Following is Hanna's adjusted trial balance for the year 20X7. Hanna's ending inventory is $525,525. HANNA SPORTS CORPORATION Adjusted Trial Balance As of December 31, 20X7 Debits Credits Cash 644,909 $ $ - Accounts receivable 333,654 - Inventory, Jan. 1 433,477 - Equipment 488,765 - Accumulated depreciation - 144,895
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Unformatted text preview: -111,888 Loan payable-500,900 Capital stock-250,000 Retained earnings, Jan. 1-322,433 Dividends 25,000-Sales-3,665,667 Sales discounts 23,112-Sales returns and allowances 144,367-Purchases 2,198,560-Purchase discounts-114,432 Purchase returns and allowances-26,341 Freight-in 73,091-Selling expenses 185,312-Rent expense 262,000-Interest expense 60,400-Salaries expense 200,700-Depreciation expense 63,209-5,136,556 $ 5,136,556 $ (a) Prepare a comprehensive income statement. (b) Prepare closing entries....
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