Question
Samson company has adjusted account balances as of December 31,2015 are as follow (some noted balances are January 1, 2015): Name of accounts Amount in
Samson company has adjusted account balances as of December 31,2015 are as follow (some noted balances are January 1, 2015):
Name of accounts Amount in Taka
sales 1200000
Purchases 810000
Marketable securities 15000
Purchase discounts 20000
Purchase returns and allowances 2000
extraordinary loss due to earthquake,Net of
Applicable taxes of $15000 35000
Selling expenses 114000
Cash 90000
Accounts receivable 60000
Common stock 150000
Accumulated depreciation 42000
Paid in capital in excess of par 30000
Inventory,January 1,2015 149000
Inventory December 31,2015 120000
Accounts payable 71000
Salaries payable 5000
Cash surrender value of life insurance 22000
Patents 18000
Retained earnings ,January 1, 2015 60600
Interest expense 13000
General and administrative expenses 60000
Dividend revenue 6000
Allowance for doubtful accounts 3000
Notes payable(maturity 7/01/17) 105000
Machinery and equipment 150000
Income tax expense 30600
Treasury stock 10000
Dividends declared and paid 18000
Required : Prepare multiple columns income statement ,Owners equity and balance sheet as on 31st December 2015.
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