Financial Statement Preparation Homework Help
Financial Statement Preparation AssignmentRequired: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 companys 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 CreditPrepaid expenses $ 25,693Land (cost) 120,000Building (cost) 149,398Accrued liabilities 37,100Sales 754,750Selling expense 176,035Interest income on investments 8,000Gain on sale of investments 45,095 Building, accumulated depreciation 3,845Income tax payable 14,370 Accounts receivable, trade 158,395 Goodwill (cost) 25,930Cash 10,810Bank operating line of credit 10,000Equipment (cost) 243,450 General and administrative expenses 145,760 Inventory 89,194Accounts payable 37,899Dividends payable 2,000 Financial expenses 15,000 Loan payable to shareholder due on demand 3,743Income tax expense 8,370H.s.t. payable 9,157Bond payable, 4%, repayable $12,000 per year until maturity 120,000Customer deposits payable 10,900 Equipment, accumulated depreciation 47,195Common shares 450,000Cost of goods sold 375,250 1554054Dividends declared 10,769 1554054 Marmidan Corporation Inc.Income statementFor the year ended December 31, 2015$Sales 754,750 Less: cost of goods sold (375,250) Operating income 379,500 Interest income on investments 8,000 Gain…
