Posted: February 19th, 2015

Financial Statement Preparation Assignment

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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