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HinsonCo, LLC produces the now familiar Hooked on Economics for preschoolers. It sells online and out of a small store front. Last year it made $30,000 on sales of $150,000. Currently, the only investment is an original $100,000 investment by its founder. Below, produce each of the financial statements. The numbers and categories to include are for you to decide constrained by the preceding numbers. You will be looking at form and that the numbers "add up".
Problem 1. Produce a Balance Sheet for HinsonCo. You choose the relevant items to include and the corresponding numbers. But there are three constraints. First, your Owners Equity must equal $100,000. Second, you must have at least five Assets (including Cash) that might be relevant to HinsonCo. And finally, your Balance Sheet better be organized correctly (and balance).
Problem 2. Produce an Income Statement for HinsonCo. Again, you choose the relevant items to include and the corresponding numbers. Again, the included items should be relevant to HinsonCo. And Revenue must be $150,000 and Net Income must equal $30,000.
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