The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end...

  

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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 Accumulated Depreciation-Building.... Accumulated Depreciation-Equipment......... Additional Paid in Capital-Common Stock.. 220000 Balances ($) 124000 37000.. Balances ($) 7670 227000 111000 Auditors Fee 52000 Buildings.... 52200 .... **** Cash Common Stock ($2 each).. Cost of Goods Sold Equipment Interest Expense. Additional Data: .... .... ...................... ............ .. ...…...…... ***** ***** ********* ..... ||| ||| ||| . ||| ||| ||| 202000 407000 169590 113000 1097000 214000 20000.... ||| ||| . ||| . ||| . Accounts Loss on Sale of Property Merchandise Inventory Mortgage Loan .... Rent Revenue Retained Earnings Salaries and Wages Expense .... ............ ............... ************ .... ... 106000 1757000 Sales .... Sales Returns and Allowances ...... 9640 Supplies 6300 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. 1. On December 31, 2020, Supplies on hand totaled $2500 2. Buildings are being depreciated @10% under straight line method, Equipment is being depreciated @20% under declining balance method. 3. The company is under 40% tax bracket. Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2020 and (d) Please note that you have part (d) right below the table. (d) From the financial statements that you prepared above, state the followings: Cost of goods sold Supplies expense Depreciation expense: Building Depreciation expense: Equipment Cash Dividend Net Income The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year. Accounts Accumulated Depreciation-Building.... Accumulated Depreciation-Equipment......... Additional Paid in Capital-Common Stock.. 220000 Balances ($) 124000 37000.. Balances ($) 7670 227000 111000 Auditors Fee 52000 Buildings.... 52200 .... **** Cash Common Stock ($2 each).. Cost of Goods Sold Equipment Interest Expense. Additional Data: .... .... ...................... ............ .. ...…...…... ***** ***** ********* ..... ||| ||| ||| . ||| ||| ||| 202000 407000 169590 113000 1097000 214000 20000.... ||| ||| . ||| . ||| . Accounts Loss on Sale of Property Merchandise Inventory Mortgage Loan .... Rent Revenue Retained Earnings Salaries and Wages Expense .... ............ ............... ************ .... ... 106000 1757000 Sales .... Sales Returns and Allowances ...... 9640 Supplies 6300 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. 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. 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

Answer rating: 100% (QA)

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