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The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year. III III III Accounts Balances
The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year. III III III Accounts Balances ($) Accumulated Depreciation-Building.... 124000 Accumulated Depreciation-Equipment........ 37000. Additional Paid in Capital-Common Stock.. 220000 Auditors Fee 202000 Buildings.... 407000 Cash 169590 Common Stock ($2 each). 113000 Cost of Goods Sold 1097000 Equipment 214000 Interest Expense III MIL III III. III. Accounts Balances ($) Loss on Sale of Property 7670 Merchandise Inventory 227000 Mortgage Loan .... 111000 Rent Revenue 52000 Retained Earnings 52200 Salaries and Wages Expense 106000 Sales .... 1757000 Sales Returns and Allowances ...... 9640 Supplies 6300 20000.... III. 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 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 $215000. Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2020 and (d) Please note that you have part (d) right below the table. (d) From the financial statements that you prepared above, state the followings: Cost of goods sold Supplies expense Depreciation expense: Building Depreciation expense: Equipment Cash Dividend Net Income
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