The following information was taken from Riddell Ltd.’s adjusted trial balance as at April 30, 2020:...
The following information was taken from Riddell Ltd.’s adjusted
trial balance as at April 30, 2020:
| Sales revenue | $1,053,300 | |||
| Interest revenue | 7,700 | |||
| Utilities expense | 24,000 | |||
| Insurance expense | 8,500 | |||
| Cost of goods sold | 389,721 | |||
| Distribution expenses | 245,279 | |||
| Administration expenses | 92,000 | |||
| Depreciation expense | 68,000 | |||
| Interest expense | 17,300 | |||
| Income tax expense | 58,200 | |||
| Dividends declared—Common shares | 15,000 | |||
| Dividends declared—Preferred shares | 20,000 |
Prepare a multi-step statement of income for the year ended April 30, 2020.
| Riddell Ltd. Statement of Income
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April 30, 2020For the Month Ended April 30, 2020For the Year Ended
April 30, 2020Homework Answers
| Riddell Ltd. | |
| Statement of Income | |
| For the Year Ended April 30, 2020 | |
| Sales Revenue | $1,053,300 |
| Cost of Goods Sold | $389,721 |
| Gross Profit [Sales revenue - Cost of Goods Sold] | $663,579 |
| Operating Expenses: | |
| Utilities expense | $24,000 |
| Insurance expense | $8,500 |
| Distribution expenses | $245,279 |
| Administration expenses | $92,000 |
| Depreciation expense | $68,000 |
| Total operating expenses | $437,779 |
| Profit From Operations [Gross Profit - Total operating expenses = $663,579 - $437,779] | $225,800 |
| Other Revenue and Expenses | |
| Interest revenue | $7,700 |
| Interest Expense | ($17,300) |
| Profit Before Income Tax [$225,800 + $7,700 - $17,300] | $216,200 |
| Income tax expense | $58,200 |
| Net Income [$216,200 - $58,200] | $158,000 |
Add Answer to:
The following information was taken from Riddell Ltd.’s adjusted
trial balance as at April 30, 2020:...
The following information was taken from Riddell Ltd.’s adjusted trial balance as at April 30, 2020: Sales...
The following information was taken from Riddell Ltd.’s
adjusted trial balance as at April 30, 2020:
Sales revenue
$1,053,300
Interest revenue
7,700
Utilities expense
24,000
Insurance expense
8,500
Cost of goods sold
389,721
Distribution expenses
245,279
Administration expenses
92,000
Depreciation expense
68,000
Interest expense
17,300
Income tax expense
58,200
Dividends declared—Common shares
15,000
Dividends declared—Preferred shares
20,000
(a)
Prepare a single-step statement of income for the year ended April
30, 2020.
Riddell Ltd.
Statement of Income
April 30, 2020For the...
The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2020: Sales revenue $1,0...
The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2020: Sales revenue $1,074,300 Interest revenue 6,900 Utilities expense 28,000 Insurance expense 7,500 Cost of goods sold 397,491 Distribution expenses 245,509 Administration expenses 94,000 Depreciation expense 90,000 Interest expense 17,900 Income tax expense 57,100 Dividends declared-Common shares 14,200 Dividends declared-Preferred shares 19,200 (a) Prepare a single-step statement of income for the year ended April 30, 2020. Riddell Ltd. Statement of Income
The following information was taken from Riddell Ltd's adjusted trial balance as at April 30, 2020:...
The following information was taken from Riddell Ltd's adjusted trial balance as at April 30, 2020: Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administration expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares $1,054,300 8,200 20,000 9,000 400,634 243,366 93,000 62,000 14,400 58,600 16,700 21,700 Prepare a single-step statement of income for the year ended April 30, 2020 Riddell Ltd. Statement of Income
The following information was taken from Riddell Ltd's adjusted trial balance as at April 30, 2020:...
The following information was taken from Riddell Ltd's adjusted trial balance as at April 30, 2020: Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administration expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares $1,054,300 8,200 20,000 9,000 400,634 243,366 93,000 62,000 14,400 58,600 16,700 21,700 Prepare a multi-step statement of income for the year ended April 30, 2020 Riddell Ltd. Statement of Income
AP4-12A (Statement of income presentation: basic EPS) The following information was taken from Riddell Ltd.'s adjusted...
AP4-12A (Statement of income presentation: basic EPS) The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2020 Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administrative expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares S1,045,800 7,200 24,000 6,000 396,000 230,250 90,250 81,000 16,500 56,700 15,000 20,000 Required a. Prepare a single-step statement of income for the year ended April 30, 2020 b....
I TURUT HULLUI V LONCH TIVIRI NUUell Llu.Saujusceu ulal Udlarlle as al A l 30, 2020....
I TURUT HULLUI V LONCH TIVIRI NUUell Llu.Saujusceu ulal Udlarlle as al A l 30, 2020. Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administration expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares $1,074,300 6,900 28,000 7,500 397,491 245,509 94,000 90,000 17.900 57.100 14,200 19,200 (a) Your answer is correct. Prepare a single-step statement of income for the year ended April 30, 2020. Riddell Ltd. Statement of Income...
The following pretax amounts are taken from the adjusted trial balance of Avoca Auto Corp. at...
The following pretax amounts are taken from the adjusted trial balance of Avoca Auto Corp. at December 31, 2020, its annual year-end. Sales revenue $260,000 Cost of goods sold 110,000 Operating expenses 80,000 Gain on debt retirement 20,000 Interest expense 8,000 Loss from discontinued operations 50,000 Retained earnings balance, December 31, 2019 30,000 Dividends declared and paid 25,000 Unrealized holding gain on debt investment securities, net of tax 4,000 Common stock, weighted average shares outstanding 10,000 shares Required a. Prepare...
The adjusted trial balance for Roundhouse Holding Ltd. as at September 30, 2021, was as follows:...
The adjusted trial balance for Roundhouse Holding Ltd. as at September 30, 2021, was as follows: Credit Debit $ 26,000 112,000 16,000 578,000 Cash Accounts receivable Prepaid insurance Vehicles Accumulated depreciation-equipment Accounts payable Deferred revenue Income taxes payable Common shares Retained earnings Dividends declared Service revenue Interest income Salaries expense Repairs and maintenance expense Insurance expense Depreciation expense Income tax expense 286,000 44,000 36,000 8,000 150,000 230,000 50,000 550,000 4,000 376,000 95,000 7,000 43,000 5,000 Prepare the closing entries at...
The following information was taken from the records of Sheffield Inc. for the year 2020: Income...
The following information was taken from the records of Sheffield Inc. for the year 2020: Income tax applicable to income from continuing operations $209,440; income tax applicable to loss on discontinued operations $28,560, and unrealized holding gain on available-for-sale securities (net of tax) $16,800. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $106,400 84,000 268,800 44,800 67,200 Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling...
Exercise 9-13 (Video) Fultz Company has accumulated the following budget data for the year 2020. 1....
Exercise 9-13 (Video)
Fultz Company has accumulated the following budget data for the
year 2020.
1.
Sales: 31,410 units, unit selling price $89.
2.
Cost of one unit of finished goods: direct materials 1 pound at
$5 per pound, direct labor 3 hours at $12 per hour, and
manufacturing overhead $8 per direct labor hour.
3.
Inventories (raw materials only): beginning, 10,240 pounds;
ending, 15,220 pounds.
4.
Selling and administrative expenses: $170,000; interest
expense: $30,000.
5.
Income taxes: 30% of...
The following information was taken from Riddell Ltd.’s
adjusted trial balance as at April 30, 2020:
Sales revenue
$1,053,300
Interest revenue
7,700
Utilities expense
24,000
Insurance expense
8,500
Cost of goods sold
389,721
Distribution expenses
245,279
Administration expenses
92,000
Depreciation expense
68,000
Interest expense
17,300
Income tax expense
58,200
Dividends declared—Common shares
15,000
Dividends declared—Preferred shares
20,000
(a)
Prepare a single-step statement of income for the year ended April
30, 2020.
Riddell Ltd.
Statement of Income
April 30, 2020For the...
The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2020: Sales revenue $1,074,300 Interest revenue 6,900 Utilities expense 28,000 Insurance expense 7,500 Cost of goods sold 397,491 Distribution expenses 245,509 Administration expenses 94,000 Depreciation expense 90,000 Interest expense 17,900 Income tax expense 57,100 Dividends declared-Common shares 14,200 Dividends declared-Preferred shares 19,200 (a) Prepare a single-step statement of income for the year ended April 30, 2020. Riddell Ltd. Statement of Income
The following information was taken from Riddell Ltd's adjusted trial balance as at April 30, 2020: Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administration expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares $1,054,300 8,200 20,000 9,000 400,634 243,366 93,000 62,000 14,400 58,600 16,700 21,700 Prepare a single-step statement of income for the year ended April 30, 2020 Riddell Ltd. Statement of Income
The following information was taken from Riddell Ltd's adjusted trial balance as at April 30, 2020: Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administration expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares $1,054,300 8,200 20,000 9,000 400,634 243,366 93,000 62,000 14,400 58,600 16,700 21,700 Prepare a multi-step statement of income for the year ended April 30, 2020 Riddell Ltd. Statement of Income
AP4-12A (Statement of income presentation: basic EPS) The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2020 Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administrative expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares S1,045,800 7,200 24,000 6,000 396,000 230,250 90,250 81,000 16,500 56,700 15,000 20,000 Required a. Prepare a single-step statement of income for the year ended April 30, 2020 b....
I TURUT HULLUI V LONCH TIVIRI NUUell Llu.Saujusceu ulal Udlarlle as al A l 30, 2020. Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administration expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares $1,074,300 6,900 28,000 7,500 397,491 245,509 94,000 90,000 17.900 57.100 14,200 19,200 (a) Your answer is correct. Prepare a single-step statement of income for the year ended April 30, 2020. Riddell Ltd. Statement of Income...
The following pretax amounts are taken from the adjusted trial balance of Avoca Auto Corp. at December 31, 2020, its annual year-end. Sales revenue $260,000 Cost of goods sold 110,000 Operating expenses 80,000 Gain on debt retirement 20,000 Interest expense 8,000 Loss from discontinued operations 50,000 Retained earnings balance, December 31, 2019 30,000 Dividends declared and paid 25,000 Unrealized holding gain on debt investment securities, net of tax 4,000 Common stock, weighted average shares outstanding 10,000 shares Required a. Prepare...
The adjusted trial balance for Roundhouse Holding Ltd. as at September 30, 2021, was as follows: Credit Debit $ 26,000 112,000 16,000 578,000 Cash Accounts receivable Prepaid insurance Vehicles Accumulated depreciation-equipment Accounts payable Deferred revenue Income taxes payable Common shares Retained earnings Dividends declared Service revenue Interest income Salaries expense Repairs and maintenance expense Insurance expense Depreciation expense Income tax expense 286,000 44,000 36,000 8,000 150,000 230,000 50,000 550,000 4,000 376,000 95,000 7,000 43,000 5,000 Prepare the closing entries at...
The following information was taken from the records of Sheffield Inc. for the year 2020: Income tax applicable to income from continuing operations $209,440; income tax applicable to loss on discontinued operations $28,560, and unrealized holding gain on available-for-sale securities (net of tax) $16,800. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $106,400 84,000 268,800 44,800 67,200 Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling...
Exercise 9-13 (Video)
Fultz Company has accumulated the following budget data for the
year 2020.
1.
Sales: 31,410 units, unit selling price $89.
2.
Cost of one unit of finished goods: direct materials 1 pound at
$5 per pound, direct labor 3 hours at $12 per hour, and
manufacturing overhead $8 per direct labor hour.
3.
Inventories (raw materials only): beginning, 10,240 pounds;
ending, 15,220 pounds.
4.
Selling and administrative expenses: $170,000; interest
expense: $30,000.
5.
Income taxes: 30% of...
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