Tibra Inc.'s trial balance TBAcontained the following accounts at December 31, 2021, the end of company's fiscal year.   Accounts …… …… …… …… …… …… …… Balances ($) Accumulated Depreciation-Building…. …… 123000 Accumulated Depreciation-Equipment….…. 36000 Additional Paid in Capital-Common Stock.. 220000 Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000 Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 406000 Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 148220 Common Stock ($2 each)…. …. …. …. …. ….. 104000 Cost of Goods Sold …. …. …. …. ….. …. ….… 1086000 Equipment …. …. …. …. …. …. ….. ….. ….. ….. 202000 Interest Expense …. …. …. …. …. …. ….. ….. …. 23100 Loss on Sale of Property …. …. …. …. …. …. 7530 Merchandise Inventory …. …. ……. …. …. …. 235000 Mortgage Loan …. …. …. …. …. …… …. …. …. 102000 Rent Revenue …. …. …. …. …. …. … …. …. …. 51000 Retained Earnings …. …. …. …. …… …. …. …. 51700 Salaries and Wages Expense …. …. …. …. …. 108000 Sales …. …. …. …. …. …. ….. ….. ……. …. …. …. 1751000 Sales Returns and Allowances …… …. …. …. 9550 Supplies …. …. …. …. …. …. ….. ……. …. …. …. 6300   Additional Data:   1. Physical check on December 31, 2021, reveals that inventory actually on hand is $214000. 2. Buildings are being depreciated @10 % under straight line method,Equipment is being depreciated @20% under declining balance method. 3. Supplies on hand totaled $2500 on December 31, 2021, 4. $0.30000000000000004 dividend per share was declared. 5. The company is under 20% tax bracket. Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2021

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
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 17E: Income Statement and Retained Earnings Huff Company presents the following items derived from its...
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Tibra Inc.'s trial balance TBAcontained the following accounts at December 31, 2021, the end of company's fiscal year.

 

Accounts …… …… …… …… …… …… …… Balances ($)

Accumulated Depreciation-Building…. …… 123000

Accumulated Depreciation-Equipment….…. 36000

Additional Paid in Capital-Common Stock.. 220000

Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 207000

Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 406000

Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 148220

Common Stock ($2 each)…. …. …. …. …. ….. 104000

Cost of Goods Sold …. …. …. …. ….. …. ….… 1086000

Equipment …. …. …. …. …. …. ….. ….. ….. ….. 202000

Interest Expense …. …. …. …. …. …. ….. ….. …. 23100

Loss on Sale of Property …. …. …. …. …. …. 7530

Merchandise Inventory …. …. ……. …. …. …. 235000

Mortgage Loan …. …. …. …. …. …… …. …. …. 102000

Rent Revenue …. …. …. …. …. …. … …. …. …. 51000

Retained Earnings …. …. …. …. …… …. …. …. 51700

Salaries and Wages Expense …. …. …. …. …. 108000

Sales …. …. …. …. …. …. ….. ….. ……. …. …. …. 1751000

Sales Returns and Allowances …… …. …. …. 9550

Supplies …. …. …. …. …. …. ….. ……. …. …. …. 6300

 

Additional Data:

 

1. Physical check on December 31, 2021, reveals that inventory actually on hand is $214000.

2. Buildings are being depreciated @10 % under straight line method,Equipment is being depreciated @20% under declining balance method.

3. Supplies on hand totaled $2500 on December 31, 2021,

4. $0.30000000000000004 dividend per share was declared.

5. The company is under 20% tax bracket.

Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2021

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