Question for Assignment #4

10.0 points possible (graded, results hidden)

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. 130000 . . . . ||| . . . . Loss on Sale of Property . . . . 7380

Accumulated Depreciation-Equipment.. 35000 . . . . ||| . . . . Merchandise Inventory . . . 226000

Additional Paid in Capital-Common Stock.. 234000 . . . . ||| . . . . Mortgage Loan . . . . . 113000

Auditors Fee . . . . . . .. .. .. .. 209000 . . . . ||| . . . . Rent Revenue . . . . . . 53000

Buildings. . . . . . .. .. .. .. ... 407000 . . . . ||| . . . . Retained Earnings . . . . 51200

Cash . . . . . . .. .. .. .. .. . 200480 . . . . ||| . . . . Salaries and Wages Expense . . 108000

Common Stock ($2 each). . . . . .. 109000 . . . . ||| . . . . Sales . . . . . . .. .. . 1758000

Cost of Goods Sold . . . . .. . . 1084000 . . . . ||| . . . . Sales Returns and Allowances 8940

Equipment . . . . . . .. .. .. .. 205000 . . . . ||| . . . . Supplies . . . . . . .. . 6400

Interest Expense . . . . . . .. .. . 21000. . . . ||| . . . .

Additional Data:

1. On December 31, 2020, Supplies on hand totaled $2400

2. Buildings are being depreciated @10 % under straight line method,Equipment is being depreciated @20% under declining balance method.

3. The company is under 30% tax bracket.

4. The company has declared $0.30000000000000004 dividend per share.

5. Physical check on December 31, 2020 reveals that inventory actually on hand is $220000.

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