Youve been hwed to perform an audit of Hubbard Company for the year e.pdf

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Youve been hwed to perform an audit of Hubbard Company for the year ensed December 31, 2019. You find the following account balances reated to shareholderi' equify Because of the antiquated terminology and negative balance, you examine the Cagital Surplus acoount and find the following entries: Because of the antiquated terminology and negative balance, you examine the Capital Surplus account and find the following entries: Wth the excepton of any lems of ralainbs eamings that were inabpropriately debied er credted to the Caplal Surplus acoourt. Aequired: actiont. atahmenrs You've been hired to perlorm an audi of Hubbard Company for the year endod Docember 31, 2019. You find the following account balances related to shareholders' equitys Bocause of the antiquated teminology and negative balance, you examine the Capital Surplus acoount and find the following antries: 1. Prepare whatever journal entries are necessary to eliminate the Capital Surplus account and to correct Hubbard's shareholders'equity accounts. 2. Prepare a corrected shareholders' equity section of Hubbard's December 31, 2019, balance sheet. Include any rolated notes to its finanoli statements..

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