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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.... 36000 . . . . ||l .... Merchandise Inventory .... . 231000 Additional Paid in Capital-Common Stock.. 222000 . . .. ||| . . . . Mortgage Loan .... ... ............... Balances ($) . ...||| .. . . Accounts 121000 .... ||l .... Loss on Sale of Property ..... . ........... Balances ($) ..................... **** **. .. ... 7380 109000 Auditors Fee ... .... .... .... .** **** *** .. 209000....||| - ... Rent Revenue ... .... .... .... ... .... .. 53000 Buildings... 410000 .. III. . Retained Earnings. ............. ... ............. 52900 ....... .... Cash 150710 .... ||l.... Salaries and Wages Expense 104000 .... III.… ... Sales 1086000 .... ||| . . . . Sales Returns and Allowances. 217000.... ||| . ... Supplies .... ... .... .... .... ... ... .... ...... * ........... ......... .. . 104000 Common Stock ($2 each).... ... ........ 1754000 .. ...... ............... . .... Cost of Goods Sold ........ .................. *..... 8910 6300 Equipment .... ... ... .... .... .... . .. Interest Expense .. . *. *.* **** *** . 21600.... ||| . 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 30% 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 $218000. Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 202

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.... 36000 . . . . ||l .... Merchandise Inventory .... . 231000 Additional Paid in Capital-Common Stock.. 222000 . . .. ||| . . . . Mortgage Loan .... ... ............... Balances ($) . ...||| .. . . Accounts 121000 .... ||l .... Loss on Sale of Property ..... . ........... Balances ($) ..................... **** **. .. ... 7380 109000 Auditors Fee ... .... .... .... .** **** *** .. 209000....||| - ... Rent Revenue ... .... .... .... ... .... .. 53000 Buildings... 410000 .. III. . Retained Earnings. ............. ... ............. 52900 ....... .... Cash 150710 .... ||l.... Salaries and Wages Expense 104000 .... III.… ... Sales 1086000 .... ||| . . . . Sales Returns and Allowances. 217000.... ||| . ... Supplies .... ... .... .... .... ... ... .... ...... * ........... ......... .. . 104000 Common Stock ($2 each).... ... ........ 1754000 .. ...... ............... . .... Cost of Goods Sold ........ .................. *..... 8910 6300 Equipment .... ... ... .... .... .... . .. Interest Expense .. . *. *.* **** *** . 21600.... ||| . 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 30% 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 $218000. Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 202

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.... ..... 121000 . ... ||| .... Loss on Sale of Property Accumulated Depreciation-Equipment. . 36000.... ||| .... Merchandise Inventory Additional Paid in Capital-Common Stock.. 222000.... ||| - . . . Mortgage Loan.. . . **** .... .... ... 7380 231000 ............. 109000 Auditors Fee ... .... .... .... ... ... ... ..* 209000.... III.... Rent Revenue .. .... ... .... .... .. 53000 Retained Earnings .. . 52900 Buildings.. 410000.... |II - .......... ................... ............ Cash ... ......... ****** 150710.. .. |||. ... Salaries and Wages Expense 104000 Common Stock ($2 each).... ... .... .... .... ... ....... 104000....II.... Sales .... ........ .... .... .... ..... .*.* *.** 1754000 Cost of Goods Sold 1086000.... ||| . . . . Sales Returns and Allowances... 217000.... ||| . ... Supplies . . .... .... .... .... ..... ...... .................................. 8910 Equipment .. .. ... . .... ... ..... .......... 6300 Interest Expense 21600.... |||.... . .. . . . ............... 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 30% 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 $218000. Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2020
Transcribed Image Text:The Trial Balance TBA Limited contained the following accounts (alphabetically) at December 31, 2020, the end of company's fiscal year. Accounts..... ..... ** Balances ($)....||| .... Accounts ... ........... ...... ..... Balances ($) Accumulated Depreciation-Building.... ..... 121000 . ... ||| .... Loss on Sale of Property Accumulated Depreciation-Equipment. . 36000.... ||| .... Merchandise Inventory Additional Paid in Capital-Common Stock.. 222000.... ||| - . . . Mortgage Loan.. . . **** .... .... ... 7380 231000 ............. 109000 Auditors Fee ... .... .... .... ... ... ... ..* 209000.... III.... Rent Revenue .. .... ... .... .... .. 53000 Retained Earnings .. . 52900 Buildings.. 410000.... |II - .......... ................... ............ Cash ... ......... ****** 150710.. .. |||. ... Salaries and Wages Expense 104000 Common Stock ($2 each).... ... .... .... .... ... ....... 104000....II.... Sales .... ........ .... .... .... ..... .*.* *.** 1754000 Cost of Goods Sold 1086000.... ||| . . . . Sales Returns and Allowances... 217000.... ||| . ... Supplies . . .... .... .... .... ..... ...... .................................. 8910 Equipment .. .. ... . .... ... ..... .......... 6300 Interest Expense 21600.... |||.... . .. . . . ............... 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 30% 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 $218000. 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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