Financial Statement Preparation Assignment
Required:
Prepare a statement of financial position, statement of earnings, and statement of retained earnings in proper financial statement format for Marmidan Corporation Inc., a private corporation incorporated on January 1, 2014, for the year ended December 31, 2014 based on the following data from the company’s pre-closing trial balance:
Prepaid expenses $ 5,693
Land (cost) 100,000
Building (cost) 139,398
Accrued liabilities 27,100
Sales 854,750
Selling expense 176,035
Interest income on investments 8,000
Gain on sale of investments 5,095
Building, accumulated depreciation 3845
Income tax payable 8,370
Accounts receivable, trade 158,395
Goodwill (cost) 24,930
Cash 9,810
Bank operating line of credit 10,000
Equipment (cost) 243,450
General and administrative expenses 145,760
Inventory 83,194
Accounts payable 37,899
Financial expenses 15,000
Loan payable to shareholder due on demand 3,743
Income tax expense 8,370
H.s.t. payable 9,157
Bond payable, 4%, repayable $10,000 per year until maturity 120,000
Customer deposits payable 10,900
Equipment, accumulated depreciation 45,195
Common shares 450,000
Cost of goods sold 475,250 1594054
Dividends declared 8,769
1594054
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