The Trial Balance of BMR Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year. Accounts …… …… …… …… …… …… …… Balances ($) . . . . ||| . . . . Accounts …… …… …… …… …… Balances ($) Accumulated Depreciation-Building…. …… 130000 . . . . ||| . . . . Loss on Sale of Property …. …. …. …. 7680 Accumulated Depreciation-Equipment….…. 36000 . . . . ||| . . . . Merchandise Inventory …. …. ……. 230000 Additional Paid in Capital-Common Stock.. 233000 . . . . ||| . . . . Mortgage Loan …. …. …. …. …. …… 114000 Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000 . . . . ||| . . . . Rent Revenue …. …. …. …. …. …. … 53000 Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 401000 . . . . ||| . . . . Retained Earnings …. …. …. …. …… 52600 Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 204340 . . . . ||| . . . . Salaries and Wages Expense …. …. 106000 Common Stock ($2 each)…. …. …. …. …. ….. 113000 . . . . ||| . . . . Sales …. …. …. …. …. …. ….. ….. ……. 1753000 Cost of Goods Sold …. …. …. …. ….. …. ….… 1082000 . . . . ||| . . . . Sales Returns and Allowances …… 8980 Equipment …. …. …. …. …. …. ….. ….. ….. ….. 211000 . . . . ||| . . . . Supplies …. …. …. …. …. …. ….. ……. 6200 Interest Expense …. …. …. …. …. …. ….. ….. …. 20400. . . . ||| . . . . Additional Data: 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. 4. The company has declared $0.5 dividend per share. 5. Physical check on December 31, 2020 reveals that inventory actually on hand is $218000. Calculate the following values which you will input in the finacial statements prepared for BMR limited using the above information. 1. Net Sales 2. Cost of Goods Sold 3. Supplies Expense 4. Depreciation Expense-Equipment 5. Earnings Before Interest and Taxes. Assume that Income from Operation for the year 2020 is $258220.0 6.Amount of cash dividend declared 7. Retained Earnings Balance at December 31,2020. Assume that the Net Income for the year 2020 is $169884.0 8. Total Current Assets at December 31,2020
The
Accounts …… …… …… …… …… …… …… Balances ($) . . . . ||| . . . . Accounts …… …… …… …… …… Balances ($)
Accumulated Depreciation-Equipment….…. 36000 . . . . ||| . . . . Merchandise Inventory …. …. ……. 230000
Additional Paid in Capital-Common Stock.. 233000 . . . . ||| . . . . Mortgage Loan …. …. …. …. …. …… 114000
Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000 . . . . ||| . . . . Rent Revenue …. …. …. …. …. …. … 53000
Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 401000 . . . . ||| . . . . Retained Earnings …. …. …. …. …… 52600
Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 204340 . . . . ||| . . . . Salaries and Wages Expense …. …. 106000
Common Stock ($2 each)…. …. …. …. …. ….. 113000 . . . . ||| . . . . Sales …. …. …. …. …. …. ….. ….. ……. 1753000
Cost of Goods Sold …. …. …. …. ….. …. ….… 1082000 . . . . ||| . . . . Sales Returns and Allowances …… 8980
Equipment …. …. …. …. …. …. ….. ….. ….. ….. 211000 . . . . ||| . . . . Supplies …. …. …. …. …. …. ….. ……. 6200
Interest Expense …. …. …. …. …. …. ….. ….. …. 20400. . . . ||| . . . .
Additional Data:
1. On December 31, 2020, Supplies on hand totaled $2500
2. Buildings are being depreciated @10 % under
3. The company is under 40% tax bracket.
4. The company has declared $0.5 dividend per share.
5. Physical check on December 31, 2020 reveals that inventory actually on hand is $218000.
Calculate the following values which you will input in the finacial statements prepared for BMR limited using the above information.
1. Net Sales
2. Cost of Goods Sold
3. Supplies Expense
4. Depreciation Expense-Equipment
5. Earnings Before Interest and Taxes. Assume that Income from Operation for the year 2020 is $258220.0
6.Amount of cash dividend declared
7. Retained Earnings Balance at December 31,2020. Assume that the Net Income for the year 2020 is $169884.0
8. Total Current Assets at December 31,2020
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