Question

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 For the Year Ended April 30, 2020 "TRevenues T Sales Revenue ,074,300 Interest Revenue 6,900 - Total Revenues 1,081,200 TExpenses Cost of Goods Sold 397,491) Utilities Expense (28.000) Insurance Expense (7,500) Distribution Expenses 245,509) Administration Expenses (94,000) Depreciation Expense (90,000) Interest Expense (17,900) Income Tax Expense 57.100 937,500) Total Expenses Net Income / (Loss) 143,700

Answer 1

Multi step income statement

Sales	1,074,300
Cost of goods sold	- 397,491
Gross profit	676,809
Operating expenses
Utilities expense	- 28,000
Distribution expense	- 245,509
Insurance expense	- 7,500
Depreciation expense	- 90,000
Administration expense	- 94,000
Total operating expenses	- 465,009
Operating income	211,800
Other revenues and expenses
Interest revenue	6,900
Interest expense	- 17,900
Income before tax	200,800
Income tax expense	- 57,100
Net income	$143,700

Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubt. Thanks.