Homework Answers
| Riddell Ltd. | |
| Single- Step Income Statement | |
| For the year ended April 30, 2020 | |
| Revenues | |
| Sales revenue | $ 10,54,300 |
| Interest revenue | $ 8,200 |
| Total revenues | $ 10,62,500 |
| Expenses | |
| Cost of goods sold | $ 4,00,634 |
| Utilities expenses | $ 20,000 |
| Insurance expense | $ 9,000 |
| Distribution expense | $ 2,43,366 |
| Administrative expense | $ 93,000 |
| Depreciation expense | $ 62,000 |
| Interest expense | $ 14,400 |
| Income tax expense | $ 58,600 |
| Total expense | $ 9,01,000 |
| Net Income | $ 1,61,500 |
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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:...
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
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: 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:...
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
April 30, 2020For the Month...
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...
IVANHOE COMPANY Worksheet (partial) For the Month Ended April 30, 2020 Adjusted Trial Balance Account Titles...
IVANHOE COMPANY Worksheet (partial) For the Month Ended April 30, 2020 Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,700 Accounts Receivable 8,200 Prepaid Rent 2,000 Equipment 22,800 Accumulated Depreciation-Equip. 5,200 Notes Payable 5,600 Accounts Payable 5,400 Owner's Capital 27,190 Owner's Drawings 3,400 Service Revenue 15,900 Salaries and Wages Expense 10,600 Rent Expense 900 Depreciation Expense 690 Interest Expense 60 Interest Payable 60 Totals 59,350 59,350 IVANHOE COMPANY Income Statement $ $ e Textbook and Media
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...
red at April 30, 2019 Question # 7 Financial Statement Jacquard Industries' adjusted trial balance for...
red at April 30, 2019 Question # 7 Financial Statement Jacquard Industries' adjusted trial balance for the year ending December 31, 2018 Aa JACQUARD INDUSTRIES Adjusted Trial Balance December 31, 2018 Acct # Account Name Bank Account Debit $ 3,700 9,100 400 600 34,550 Credit 1060 1200 1320 1350 1820 1825 Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation-Equipment Accounts payable Unearned revenue $ 4,600 3,400 2,250 435 21,750 10,000 12,500 2100 2460 Interest payable Bank loan payable (due July...
The adjusted trial balance of Ryan Financial Planners appears below. Using the information from the adjusted...
The adjusted trial balance of Ryan Financial Planners appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 313 1. an income statement. a retained earnings statement. a balance sheet. P#6 - Multiple-step income statement Presented below is information related to Donaldson Corp., for the year 2017. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Interest expense Write-off of goodwill due to impairment Depreciation expense...
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
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
$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
$1,053,300
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
April 30, 2020For the Month...
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...
IVANHOE COMPANY Worksheet (partial) For the Month Ended April 30, 2020 Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,700 Accounts Receivable 8,200 Prepaid Rent 2,000 Equipment 22,800 Accumulated Depreciation-Equip. 5,200 Notes Payable 5,600 Accounts Payable 5,400 Owner's Capital 27,190 Owner's Drawings 3,400 Service Revenue 15,900 Salaries and Wages Expense 10,600 Rent Expense 900 Depreciation Expense 690 Interest Expense 60 Interest Payable 60 Totals 59,350 59,350 IVANHOE COMPANY Income Statement $ $ e Textbook and Media
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...
red at April 30, 2019 Question # 7 Financial Statement Jacquard Industries' adjusted trial balance for the year ending December 31, 2018 Aa JACQUARD INDUSTRIES Adjusted Trial Balance December 31, 2018 Acct # Account Name Bank Account Debit $ 3,700 9,100 400 600 34,550 Credit 1060 1200 1320 1350 1820 1825 Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation-Equipment Accounts payable Unearned revenue $ 4,600 3,400 2,250 435 21,750 10,000 12,500 2100 2460 Interest payable Bank loan payable (due July...
The adjusted trial balance of Ryan Financial Planners appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 313 1. an income statement. a retained earnings statement. a balance sheet. P#6 - Multiple-step income statement Presented below is information related to Donaldson Corp., for the year 2017. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Interest expense Write-off of goodwill due to impairment Depreciation expense...
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