Financial Statement Preparation Assignment

Financial Statement Preparation Assignment
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

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