Please do not give solution in image format thanku 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$1,054,300Interest revenue8,20020,000Utilities expenseInsurance expenseCost of goods sold9,000400,634Distribution expenses243,366Administration expenses93,000Depreciation expense62,00014,40058,600Interest expenseIncome tax expenseDividends declared-Common shares.Dividends declared-Preferred shares16,70021,700

INCOME STATEMENTIncome Statement is one of the Important Financial Statements of the Company. Income…

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Prepare a multi-step statement of income for the year ended April 30, 2020. Riddell Ltd. Statement of Income $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Please do not give solution in image format thanku

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
$1,054,300
Interest revenue
8,200
20,000
Utilities expense
Insurance expense
Cost of goods sold
9,000
400,634
Distribution expenses
243,366
Administration expenses
93,000
Depreciation expense
62,000
14,400
58,600
Interest expense
Income tax expense
Dividends declared-Common shares.
Dividends declared-Preferred shares
16,700
21,700

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