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

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 12P: Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance...
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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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