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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. Accounts . . Balances ($) .... || .... Accounts . Balances ($) ..... . ........... Accumulated Depreciation-Building . 127000 . Accumulated Depreciation-Equipment. 35000. Additional Paid in Capital-Common Stock. 229000 .... II . Loss on Sale of Property . . 7310 ... .. . .... Merchandise Inventory . . Mortgage Loan II - 227000 .... ... 104000 ..... . . . .. .... Auditors Fee. 204000. Rent Revenue . 53000 . . . . .... .... ................... ....... Buildings. - I| . Retained Earnings . 401000. 51400 ....... . ............. ..... .... ........ ...... Cash . Salaries and Wages Expense II - . Sales . 199660. 104000 . . .... ..... ............. .... .... - II II .... Sales Returns and Allowances Supplies. Common Stock ($2 each)... 119000. 1755000 ....... ... . .... .... ... .. .... Cost of Goods Sold . 1094000 . 9030 . ..... .... ... ... Equipment . 201000.. 6400 ........ . . ..... . ... ... ... . ... Interest Expense . 20000.... |I ...... . . .... .... ..... .. ..... 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 20% 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 $225000. Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2020

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 . 127000 . Accumulated Depreciation-Equipment. 35000. Additional Paid in Capital-Common Stock. 229000 .... II . Loss on Sale of Property . . 7310 ... .. . .... Merchandise Inventory . . Mortgage Loan II - 227000 .... ... 104000 ..... . . . .. .... Auditors Fee. 204000. Rent Revenue . 53000 . . . . .... .... ................... ....... Buildings. - I| . Retained Earnings . 401000. 51400 ....... . ............. ..... .... ........ ...... Cash . Salaries and Wages Expense II - . Sales . 199660. 104000 . . .... ..... ............. .... .... - II II .... Sales Returns and Allowances Supplies. Common Stock ($2 each)... 119000. 1755000 ....... ... . .... .... ... .. .... Cost of Goods Sold . 1094000 . 9030 . ..... .... ... ... Equipment . 201000.. 6400 ........ . . ..... . ... ... ... . ... Interest Expense . 20000.... |I ...... . . .... .... ..... .. ..... 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 20% 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 $225000. Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2020

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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. Accounts .. . .. .. . .. Balances ($).... ||| .... Accounts .. . . . Balances ($) Accumulated Depreciation-Building. . 127000 .... ||| . Accumulated Depreciation-Equipment. 35000.... ||| .... Merchandise Inventory . 227000 Additional Paid in Capital-Common Stock. 229000.... ||| . ... Mortgage Loan .. . . 104000 Loss on Sale of Property . . 7310 Auditors Fee .. .. ... . .... .... ..... ..... .. 204000.... I|I .... Rent Revenue . . . . 53000 Buildings. . 401000.... ||| .... Retained Earnings 51400 ....... . u. Cash 199660 - ||| . ... Salaries and Wages Expense . . 104000 .... .... .... ........ .... ..... ... ..... ..... ..... ... Common Stock ($2 each).. III .... Sales .. . .. ... . .. .. . 1755000 **** .... .... .... .. 119000 Cost of Goods Sold . . . . 1094000 .... ||| .... Sales Returns and Allowances .. 9030 Equipment . . ... .... ... ......... ..... ..... ..... 201000.... ||| .... Supplies . . . .. . . 6400 Interest Expense .. ... .. .. ... .... ..... ......... 20000.... ||| . ... 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 20% 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 $225000. Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2020
Transcribed Image Text:The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year. Accounts .. . .. .. . .. Balances ($).... ||| .... Accounts .. . . . Balances ($) Accumulated Depreciation-Building. . 127000 .... ||| . Accumulated Depreciation-Equipment. 35000.... ||| .... Merchandise Inventory . 227000 Additional Paid in Capital-Common Stock. 229000.... ||| . ... Mortgage Loan .. . . 104000 Loss on Sale of Property . . 7310 Auditors Fee .. .. ... . .... .... ..... ..... .. 204000.... I|I .... Rent Revenue . . . . 53000 Buildings. . 401000.... ||| .... Retained Earnings 51400 ....... . u. Cash 199660 - ||| . ... Salaries and Wages Expense . . 104000 .... .... .... ........ .... ..... ... ..... ..... ..... ... Common Stock ($2 each).. III .... Sales .. . .. ... . .. .. . 1755000 **** .... .... .... .. 119000 Cost of Goods Sold . . . . 1094000 .... ||| .... Sales Returns and Allowances .. 9030 Equipment . . ... .... ... ......... ..... ..... ..... 201000.... ||| .... Supplies . . . .. . . 6400 Interest Expense .. ... .. .. ... .... ..... ......... 20000.... ||| . ... 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 20% 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 $225000. Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2020
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