Problem #1

The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year. Accounts Balances ($) . . . . ||| . . . . Accounts Balances ($) Accumulated Depreciation-Building. 121000 . . . . ||| . . . . Loss on Sale of Property . . . . 7580 Accumulated Depreciation-Equipment.. 37000 . . . . ||| . . . . Merchandise Inventory . . . 225000 Additional Paid in Capital-Common Stock.. 225000 . . . . ||| . . . . Mortgage Loan . . . . . 109000 Auditors Fee . . . . . . .. .. .. .. 202000 . . . . ||| . . . . Rent Revenue . . . . . . 53000 Buildings. . . . . . .. .. .. .. ... 407000 . . . . ||| . . . . Retained Earnings . . . . 51800 Cash . . . . . . .. .. .. .. .. . 174530 . . . . ||| . . . . Salaries and Wages Expense . . 105000 Common Stock ($2 each). . . . . .. 125000 . . . . ||| . . . . Sales . . . . . . .. .. . 1754000 Cost of Goods Sold . . . . .. . . 1097000 . . . . ||| . . . . Sales Returns and Allowances 9390 Equipment . . . . . . .. .. .. .. 219000 . . . . ||| . . . . Supplies . . . . . . .. . 6200 Interest Expense . . . . . . .. .. . 23100. . . . ||| . . . . Additional Data: 1. On December 31, 2020, Supplies on hand totaled $2500 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 $225000.

Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2020