Homework Answers
Income statement
| Sales revenue | 1,074,300 |
| Interest revenue | 6,900 |
| Total revenue (i) | 1,081,200 |
| Expenses : | |
| Cost of goods sold | -397,491 |
| Utilities expense | -28,000 |
| Insurance expense | -7,500 |
| Distribution expense | -245,509 |
| Administrative expense | -94,000 |
| Depreciation expense | -90,000 |
| Interest expense | -17,900 |
| Income tax expense | -57,100 |
| Total expenses (ii) | -937,500 |
| Net income (i - ii) | $143,700 |
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The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2020: Sales revenue $1,0...
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 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
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....
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 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...
Please Help me! Thanks The following details are taken from the accounting records of Alanna Ltd...
Please Help me! Thanks
The following details are taken from the accounting records of Alanna Ltd as at 30 June 2018: DR S CR S Sales Revenue 1,425,000 15,000 37,500 Gain on Sale of Plant and Equipment Interest Revenue Cost of Goods Sold 900,000 45,000 30,000 45,000 22,500 112,500 Distribution Expenses Selling Expenses Administration Expenses Interest Expense Income Tax Expense Share Capital ( as at 1 July 2017) Retained Earnings ( as at 1 July 2017) Asset Revaluation Reserve (as...
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 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
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....
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 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...
Please Help me! Thanks
The following details are taken from the accounting records of Alanna Ltd as at 30 June 2018: DR S CR S Sales Revenue 1,425,000 15,000 37,500 Gain on Sale of Plant and Equipment Interest Revenue Cost of Goods Sold 900,000 45,000 30,000 45,000 22,500 112,500 Distribution Expenses Selling Expenses Administration Expenses Interest Expense Income Tax Expense Share Capital ( as at 1 July 2017) Retained Earnings ( as at 1 July 2017) Asset Revaluation Reserve (as...
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