Question
Tibra Inc.'s trial balance Tibra contained the following accounts at December 31, 2021, the end of the company's fiscal year. Accounts Balances ($) Accumulated Depreciation-Building.
Tibra Inc.'s trial balance Tibra contained the following accounts at December 31, 2021, the end of the company's fiscal year.
Accounts Balances ($)
Accumulated Depreciation-Building. 128000
Accumulated Depreciation-Equipment.. 35000
Additional Paid in Capital-Common Stock.. 233000
Auditors Fee . . . . . . .. .. .. .. 204000
Buildings. . . . . . .. .. .. .. ... 403000
Cash . . . . . . .. .. .. .. .. . 177560
Common Stock ($2 each). . . . . .. 101000
Cost of Goods Sold . . . . .. . . 1091000
Equipment . . . . . . .. .. .. .. 214000
Interest Expense . . . . . . .. .. . 22800
Loss on Sale of Property . . . . . . 7360
Merchandise Inventory . . . . . . 230000
Mortgage Loan . . . . . . . . 118000
Rent Revenue . . . . . . . . . 53000
Retained Earnings . . . . . . . 51100
Salaries and Wages Expense . . . . . 104000
Sales . . . . . . .. .. . . . . 1750000
Sales Returns and Allowances . . . 9180
Supplies . . . . . . .. . . . . 6200
Additional Data:
1. Physical check on December 31, 2021, reveals that inventory actually on hand is $219000.
2. Buildings are being depreciated @10 % under straight line method,Equipment is being depreciated @20% under declining balance method.
3. Supplies on hand totaled $2500 on December 31, 2021,
4. $0.30000000000000004 dividend per share was declared.
5. The company is under the 20% tax bracket.
Prepare the followings: (a) Multi Step income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2021
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