The Trial Balance of Pantheon Limited contained the following accounts (alphabetically) at December 31, 2023, the...

Transcribed Image Text:

The Trial Balance of Pantheon Limited contained the following accounts (alphabetically) at December 31, 2023, the end of the company's financial year. Balances ($) Accounts Balances ($) Accounts 10% Mortgage 116000 Accumulated Depreciation- 121000 Loss on Sale of Property Merchandise Inventory 7670 227000 Buildings Accumulated Depreciation- 36000 Prepaid Insurance 8100 Equipment Paid in Capital in Excess of Par 224000 Rent Revenue 53000 Value-Common Stock Auditors Fee 209000 Retained Earnings 51600 Buildings 404000 Salaries and Wages Expense 105000 Cash 219630 Sales Revenue 1753000 Common Stock ($2 per share) 123000 Sales Discounts 9000 Cost of Goods Sold 1081000 Supplies 6200 Equipment 201000 Additional Data: 1. On December 31, 2023, supplies on hand totalled $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 30% tax bracket. 4. The company has declared $0.50 dividend per share. 5. Physical check on December 31, 2023 reveals that inventory actually on hand is $223000. 6. The interest on the mortgage has not yet been paid. 7. $500 of prepaid insurance has expired during the year. Questions Prepare the (a) Multiple Step Income Statement, (b) Stockholders' Equity Statement, and (c) Classified Balance Sheet as at December 31, 2023 for Pantheon Limited. The Trial Balance of Pantheon Limited contained the following accounts (alphabetically) at December 31, 2023, the end of the company's financial year. Balances ($) Accounts Balances ($) Accounts 10% Mortgage 116000 Accumulated Depreciation- 121000 Loss on Sale of Property Merchandise Inventory 7670 227000 Buildings Accumulated Depreciation- 36000 Prepaid Insurance 8100 Equipment Paid in Capital in Excess of Par 224000 Rent Revenue 53000 Value-Common Stock Auditors Fee 209000 Retained Earnings 51600 Buildings 404000 Salaries and Wages Expense 105000 Cash 219630 Sales Revenue 1753000 Common Stock ($2 per share) 123000 Sales Discounts 9000 Cost of Goods Sold 1081000 Supplies 6200 Equipment 201000 Additional Data: 1. On December 31, 2023, supplies on hand totalled $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 30% tax bracket. 4. The company has declared $0.50 dividend per share. 5. Physical check on December 31, 2023 reveals that inventory actually on hand is $223000. 6. The interest on the mortgage has not yet been paid. 7. $500 of prepaid insurance has expired during the year. Questions Prepare the (a) Multiple Step Income Statement, (b) Stockholders' Equity Statement, and (c) Classified Balance Sheet as at December 31, 2023 for Pantheon Limited.

Answer rating: 100% (QA)

Answer To prepare the financial statements for Pantheon Limited we will start with the Multiple Step Income Statement followed by the Stockholders Equ... View the full answer