Provided below is the adjusted trial balance of Marvell Incorporation a manufacturing firm.Required:1. Preparee the following statements of the company from the data given above:a. Income Statement for the year ending at December 31, 2020b. Retained Earnings Statement for the year ending at December 31, 2020c. Balance Sheet as at December 31, 2020 Officers IncorporationAdjusted Trial balanceDecember 31, 2020Debit BalancesRs.Credit BalancesRs.Accumulated Depreciation:Building9000 Accounts Payable12000 Notes Payable4000 Salaries Payable1300 Tax payableCash3220060000Accounts Receivable12000Unexpired InsurancePrepaid RentOffice Supplies30000160507100BuildingInsurance ExpenseOffice Rent Expense175000 Unearned Services Revenue240002250 Capital Stock35000 Retained Earning7000 Services Revenue9000016000Supplies ExpenseCost of goods sold8172019000 Long term loan70000Accumulated Depreciation:20000EquiomentDepreciation Expense: Building15000Income Tax Expense15000Interest Expense8000Miscellaneous ExpenseEquipment400035000Dividends12000Depreciation Expense: EquipmentRepair and maintenance ExpenseFuel Expense5000600027100Total421870 Total421870

Name: Provided below is the adjusted trial balance of Marvell Incorporation
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Description: Provided below is the adjusted trial balance of Marvell Incorporation a manufacturing firm.Required:1. Preparee the following statements of the company from the data given above:a. Income Statement for the year ending at December 31, 2020b.

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Officers Incorporation Adjusted Trial balance December 31, 2020 Debit Balances Rs. Credit Balances Rs. Accumulated Depreciation: Building 9000 Accounts Payable 12000 Notes Payable 4000 Salaries Payable 1300 Tax payable Cash 32200 60000 Accounts Receivable 12000 Unexpired Insurance 30000 Prepaid Rent Office Supplies 16050 7100 Building Insurance Expense Office Rent Expense Supplies Expense Cost of goods sold 175000 Uneamed Services Revenue 24000 2250 Capital Stock 35000 Retained Earning 7000 Services Revenue 90000 16000 81720 19000 Long term loan 70000 Accumulated Depreciation: Equibment Depreciation Expense: Building Income Tax Expense Interest Expense Miscellaneous Expense Equipment Dividends Depreciation Expense: Equipment 20000 15000 15000 8000 4000 35000 12000 5000 Repair and maintenance Expense Fuel Expense 6000 27100 Total 421870 Total 421870

Officers Incorporation Adjusted Trial balance December 31, 2020 Debit Balances Rs. Credit Balances Rs. Accumulated Depreciation: Building 9000 Accounts Payable 12000 Notes Payable 4000 Salaries Payable 1300 Tax payable Cash 32200 60000 Accounts Receivable 12000 Unexpired Insurance 30000 Prepaid Rent Office Supplies 16050 7100 Building Insurance Expense Office Rent Expense Supplies Expense Cost of goods sold 175000 Uneamed Services Revenue 24000 2250 Capital Stock 35000 Retained Earning 7000 Services Revenue 90000 16000 81720 19000 Long term loan 70000 Accumulated Depreciation: Equibment Depreciation Expense: Building Income Tax Expense Interest Expense Miscellaneous Expense Equipment Dividends Depreciation Expense: Equipment 20000 15000 15000 8000 4000 35000 12000 5000 Repair and maintenance Expense Fuel Expense 6000 27100 Total 421870 Total 421870

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 14DQ

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