Question

Ledger

The ledger of Chacha Vatija Unity Limited contained the following account balances at December 31, 2019, the end of company's fiscal year.

Accounts …… …… …… …… …… …… …… …… Balances ($)
Cash …… …… …… …… …… …… …… …… …… 12080
Accounts Receivable …… …… …… …… …… 22300
Inventory …… …… …… …… …… …… …… …… 36500
Supplies …… …… …… …… …… …… …… …… 1080
Prepaid Rent …… …… …… …… …… …… …… 9490
Machinery …… …… …… …… …… …… …… … 23400
Accumulated Depreciation-Machinery …… 9970
Equipment …… …… …… …… …… …… …… … 62200
Accumulated Depreciation-Equipment …… 7560
Land …… …… …… …… …… …… …… …… …… 70000
Accounts Payable …… …… …… …… …… …… 9730
15% Debenture …… …… …… …… …… …… … 31000
Common Stock ($ 2.5 par value) …… …… … 40000
Additional Paid in Capital-Common Stock … 42100
Retained Earnings …… …… …… …… …… …… 59300
Sales …… …… …… …… …… …… …… …… …… 547800
Sales Returns and Allowances …… …… …… 8000
Sales Discount …… …… …… …… …… …… …… 3400
Salaries Expense …… …… …… …… …… …… … 75900
Cost of Goods Sold …… …… …… …… …… …… 385800
Loss from employee strike …… …… …… …… 4560
Wages Expense …… …… …… …… …… …… … 7700
Rent Expense …… …… …… …… …… …… …… 12450
Interest Expense …… …… …… …… …… …… … 3400
Advertising Expense …… …… …… …… …… … 10000
Rent Revenue …… …… …… …… …… …… …… 3400
Other Administrative Expense …… …… …… 2600

Additional Data:
1. The accountant has forgot to record the issue of 1,000 common share @ $4.5 each on December 21, 2019.
2. 10% cash Dividend has been declared on the common stock.
3. The company is under 30% tax bracket.
4. Machinery is being depreciated @20% under straight line method, Equipment is being depreciated @30% under reducing balance method.
5. Supplies actually on hand is $ 200.
6. Physical check on December 31, 2019 reveals that inventory actually on hand is $ 35,200.

From the above information, prepare the followings:
(a) Multistep income statement for the year ending December 31, 2019;
(b) Stockholder_s Equity Statement as at December 31, 2019; and
(c) Classified Balance Sheet as at December 31, 2019.


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