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, data additional data questions The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year.
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The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year. ...... .... ... ....... ... Accounts ..... Balances ($)... III -... Accounts ...... Balances ($) Accumulated Depreciation-Building.... 128000.. III.... Loss on Sale of Property .7370 Accumulated Depreciation-Equipment....... 36000.. ... ||| .... Merchandise Inventory .... 227000 Additional Paid in Capital-Common Stock.. 224000. ... ||| .... Mortgage Loan ........ 100000 Auditors Fee .... 204000... III . ... Rent Revenue .... 51000 Buildings.... 409000... . III . ... Retained Earnings .... 50100 Cash 173260... III . ... Salaries and Wages Expense Common Stock ($2 each).... 111000.. ... III . ... Sales 1759000 Cost of Goods Sold .... 1088000.. . III .... Sales Returns and Allowances ....... 8970 Equipment .... 205000... . III . . . . Supplies .... 6300 Interest Expense III .. .... .... 108000 .... .... ....... .... 22200... Additional Data: 1. On December 31, 2020, Supplies on hand totaled $2300 2. Buildings are being depreciated @10% under straight line method, Equipment is being depreciated @20% under declining balance method. 3. The company is under 20% tax bracket. 4. The company has declared $0.4 dividend per share. 5. Physical check on December 31, 2020 reveals that inventory actually on hand is $213000. Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2020Step by Step Solution
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