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 …. …. …. …. 7680Accumulated Depreciation-Equipment….…. 36000 . . . . ||| . . . . Merchandise Inventory …. …. ……. 230000Additional Paid in Capital-Common Stock.. 233000 . . . . ||| . . . . Mortgage Loan …. …. …. …. …. …… 114000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000 . . . . ||| . . . . Rent Revenue …. …. …. …. …. …. … 53000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 401000 . . . . ||| . . . . Retained Earnings …. …. …. …. …… 52600Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 204340 . . . . ||| . . . . Salaries and Wages Expense …. …. 106000Common Stock ($2 each)…. …. …. …. …. ….. 113000 . . . . ||| . . . . Sales …. …. …. …. …. …. ….. ….. ……. 1753000Cost of Goods Sold …. …. …. …. ….. …. ….… 1082000 . . . . ||| . . . . Sales Returns and Allowances …… 8980Equipment …. …. …. …. …. …. ….. ….. ….. ….. 211000 . . . . ||| . . . . Supplies …. …. …. …. …. …. ….. ……. 6200Interest Expense …. …. …. …. …. …. ….. ….. …. 20400. . . . ||| . . . .Additional Data:1. On December 31, 2020, Supplies on hand totaled $25002. 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 Sales2. Cost of Goods Sold3. Supplies Expense4. Depreciation Expense-Equipment5. Earnings Before Interest and Taxes. Assume that Income from Operation for the year 2020 is $258220.06.Amount of cash dividend declared 7. Retained Earnings Balance at December 31,2020. Assume that the Net Income for the year 2020 is $169884.08. Total Current Assets at December 31,2020

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 …. …. …. …. 7680Accumulated Depreciation-Equipment….…. 36000 . . . . ||| . . . . Merchandise Inventory …. …. ……. 230000Additional Paid in Capital-Common Stock.. 233000 . . . . ||| . . . . Mortgage Loan …. …. …. …. …. …… 114000Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000 . . . . ||| . . . . Rent Revenue …. …. …. …. …. …. … 53000Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 401000 . . . . ||| . . . . Retained Earnings …. …. …. …. …… 52600Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 204340 . . . . ||| . . . . Salaries and Wages Expense …. …. 106000Common Stock ($2 each)…. …. …. …. …. ….. 113000 . . . . ||| . . . . Sales …. …. …. …. …. …. ….. ….. ……. 1753000Cost of Goods Sold …. …. …. …. ….. …. ….… 1082000 . . . . ||| . . . . Sales Returns and Allowances …… 8980Equipment …. …. …. …. …. …. ….. ….. ….. ….. 211000 . . . . ||| . . . . Supplies …. …. …. …. …. …. ….. ……. 6200Interest Expense …. …. …. …. …. …. ….. ….. …. 20400. . . . ||| . . . .Additional Data:1. On December 31, 2020, Supplies on hand totaled $25002. 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 Sales2. Cost of Goods Sold3. Supplies Expense4. Depreciation Expense-Equipment5. Earnings Before Interest and Taxes. Assume that Income from Operation for the year 2020 is $258220.06.Amount of cash dividend declared 7. Retained Earnings Balance at December 31,2020. Assume that the Net Income for the year 2020 is $169884.08. Total Current Assets at December 31,2020

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.23E: Adjustment for depreciation The estimated amount of depredation on equipment for the current year is...

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