Question
Please help Tibra Inc.'s trial balance Tibra contained the following accounts at December 31, 2021, the end of the company's fiscal year. Accounts ...... ......
Please help
Tibra Inc.'s trial balance Tibra contained the following accounts at December 31, 2021, the end of the company's fiscal year.
Accounts ...... ...... ...... ...... ...... ...... ...... Balances ($)
Accumulated Depreciation-Building.... ...... 128000
Accumulated Depreciation-Equipment........ 35000
Additional Paid in Capital-Common Stock.. 233000
Auditors Fee .... .... .... .... .... .... ..... ..... ..... .. 204000
Buildings.... .... .... .... .... .... ..... ..... ..... ..... ... 403000
Cash .... .... .... .... .... .... ..... ..... ..... ..... ..... .... 177560
Common Stock ($2 each).... .... .... .... .... ..... 101000
Cost of Goods Sold .... .... .... .... ..... .... ....... 1091000
Equipment .... .... .... .... .... .... ..... ..... ..... ..... 214000
Interest Expense .... .... .... .... .... .... ..... ..... .... 22800
Loss on Sale of Property .... .... .... .... .... .... 7360
Merchandise Inventory .... .... ....... .... .... .... 230000
Mortgage Loan .... .... .... .... .... ...... .... .... .... 118000
Rent Revenue .... .... .... .... .... .... ... .... .... .... 53000
Retained Earnings .... .... .... .... ...... .... .... .... 51100
Salaries and Wages Expense .... .... .... .... .... 104000
Sales .... .... .... .... .... .... ..... ..... ....... .... .... .... 1750000
Sales Returns and Allowances ...... .... .... .... 9180
Supplies .... .... .... .... .... .... ..... ....... .... .... .... 6200
Additional Data:
1. Physical check on December 31, 2021, reveals that inventory actually on hand is $219000.
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. $0.30000000000000004 dividend per share was declared.
5. The company is under the 20% tax bracket.
Prepare the followings: (a) Multi Step income statement; (b) Stockholders Equity Statement (c) Classified Balance Sheet as at December 31, 2021
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started