Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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,

image text in transcribed

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 ............. III ..... Balances ($) ... ||| .... Accounts ............ Accumulated Depreciation-Building 125000. Accumulated Depreciation-Equipment....... 37000.. Additional Paid in Capital-Common Stock.. 225000 Auditors Fee.... Buildings.... Cash Common Stock ($2 each).... Cost of Goods Sold .... Equipment ...... Interest Expense.... Additional Data: ... 202000. .... . Loss on Sale of Property. Merchandise Inventory. Balances ($) _ 7490 ............... 232000 III... Mortgage Loan.... 103000 Rent Revenue.... 51000 51000 .... Salaries and Wages Expense 105000 Sales......... 1752000 .405000.... ||| .... Retained Earnings..... 171380. 108000 III 1085000 .... .208000.... .... .... 20800.... . . Sales Returns and Allowances....... 8930 Supplies..... 6400 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 40% tax bracket. 4. The company has declared $0.5 dividend per share. 5. Physical check on December 31, 2020 reveals that inventory actually on hand is $216000. Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2020 OK

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2016

Authors: Jeanette Landin, Paulette Schirmer

2nd edition

978-1259821950, 1259821951, 1259572196, 978-1259572197

More Books

Students also viewed these Accounting questions

Question

What is included in an Amazon Machine Image ( AMI ) ?

Answered: 1 week ago

Question

1 5 Give examples of common sources of bias in decisions

Answered: 1 week ago