The Trial Balance of Miami FC Limited, a merchandising company which sells sports accessories, contained the...
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The Trial Balance of Miami FC Limited, a merchandising company which sells sports accessories, contained the following accounts at December 31, 2022, the end of the company's financial year. ● ● ● ● Additional Information: Depreciation on the building is to be charged on a straight-line basis at 9%. Physical check on December 31, 2022 reveals that inventory actually on hand is $50,000. $10,000 cash dividend was declared during the year. The company is under 30% tax bracket. ● Particulars 3% Notes Payable Accounts Payable Accumulated Depreciation- Building Advertising Expense Building Cash Common Stock Cost of Goods Sold Dividend Revenue Electricity Expense ● $ Particulars 6,000 Goodwill 90,240 Merchandise Inventory 9,000 Preferred Stock 400 Prepaid Insurance 99,000 Rent Expense 45,010 Retained Earnings 38,000 Salaries Expense 10,900 10,000 700 Sales Discount Sales Revenue Supplies $300 of the prepaid insurance remained on hand at the end of the year. The interest on the notes payable has not been paid yet. S 14,330 44,700 10,000 8,200 400 4,000 400 444,000 504,000 3,200 Instructions: Prepare a multiple step income statement for the year ended December 31, 2022, a statement of stockholders' equity for the year ended December 31, 2022 and a classified balance sheet as at December 31, 2022 for Miami FC Limited. The Trial Balance of Miami FC Limited, a merchandising company which sells sports accessories, contained the following accounts at December 31, 2022, the end of the company's financial year. ● ● ● ● Additional Information: Depreciation on the building is to be charged on a straight-line basis at 9%. Physical check on December 31, 2022 reveals that inventory actually on hand is $50,000. $10,000 cash dividend was declared during the year. The company is under 30% tax bracket. ● Particulars 3% Notes Payable Accounts Payable Accumulated Depreciation- Building Advertising Expense Building Cash Common Stock Cost of Goods Sold Dividend Revenue Electricity Expense ● $ Particulars 6,000 Goodwill 90,240 Merchandise Inventory 9,000 Preferred Stock 400 Prepaid Insurance 99,000 Rent Expense 45,010 Retained Earnings 38,000 Salaries Expense 10,900 10,000 700 Sales Discount Sales Revenue Supplies $300 of the prepaid insurance remained on hand at the end of the year. The interest on the notes payable has not been paid yet. S 14,330 44,700 10,000 8,200 400 4,000 400 444,000 504,000 3,200 Instructions: Prepare a multiple step income statement for the year ended December 31, 2022, a statement of stockholders' equity for the year ended December 31, 2022 and a classified balance sheet as at December 31, 2022 for Miami FC Limited.
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Answer lets begin by Calculating Cost of Goods Sold COGS COGS Beginning Inventory Purchases Ending I... View the full answer
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Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
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