Financial Statement Preparation Assignment

Financial Statement Preparation Assignment Required: Prepare a statement of financial position, multi-step income statement and statement of retained earnings in proper financial statement format for Marmidan Corporation Inc. for the year ended December 31, 2015 from the company’s pre-closing trial balance below. Marmidan Corporation Inc. is a private corporation that was incorporated on January 1, 2015. Your solution must be typed, font 12 and submitted with a cover sheet containing your name and student i.d. number. Debit Credit Prepaid expenses $ 25,693 Land (cost) 120,000 Building (cost) 149,398 Accrued liabilities 37,100 Sales 754,750 Selling expense 176,035 Interest income on investments 8,000 Gain on sale of investments 45,095 Building, accumulated depreciation 3,845 Income tax payable 14,370 Accounts receivable, trade 158,395 Goodwill (cost) 25,930 Cash 10,810 Bank operating line of credit 10,000 Equipment (cost) 243,450 General and administrative expenses 145,760 Inventory 89,194 Accounts payable 37,899 Dividends payable 2,000 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 $12,000 per year until maturity 120,000 Customer deposits payable 10,900 Equipment, accumulated depreciation 47,195 Common shares 450,000 Cost of goods sold 375,250 1554054 Dividends declared 10,769 1554054