Question
Jackson's trial balance contained the following accounts at December 31, 2021, the end of company's fiscal year. Accounts Balances ($) Accumulated Depreciation-Building. 124000 Accumulated Depreciation-Equipment..
Jackson's trial balance contained the following accounts at December 31, 2021, the end of company's fiscal year. Accounts Balances ($) Accumulated Depreciation-Building. 124000 Accumulated Depreciation-Equipment.. 35000 Additional Paid in Capital-Common Stock.. 226000 Auditors Fee . . . . . . .. .. .. .. 203000 Buildings. . . . . . .. .. .. .. ... 410000 Cash . . . . . . .. .. .. .. .. . 164070 Common Stock ($2 each). . . . . .. 106000 Cost of Goods Sold . . . . .. . . 1097000 Equipment . . . . . . .. .. .. .. 202000 Interest Expense . . . . . . .. .. . 23100 Loss on Sale of Property . . . . . . 7260 Merchandise Inventory . . . . . . 232000 Mortgage Loan . . . . . . . . 108000 Rent Revenue . . . . . . . . . 52000 Retained Earnings . . . . . . . 50600 Salaries and Wages Expense . . . . . 107000 Sales . . . . . . .. .. . . . . 1760000 Sales Returns and Allowances . . . 9970 Supplies . . . . . . .. . . . . 6200 Additional Data: 1. Physical check on December 31, 2021, reveals that inventory actually on hand is $223000. 2. Buildings are being depreciated @10 % under straight line method,Equipment is being depreciated @20% under declining balance method. 3. Supplies on hand totaled $2500 on December 31, 2021, 4. $0.4 dividend per share was declared. 5. The company is under 40% tax bracket.
Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2021
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