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

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

FINANCIAL ACCOUNTING
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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Prepare a multi-step statement of income for the year ended April 30, 2020. Riddell Ltd. Statement of Income $
Transcribed Image Text: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
Transcribed Image Text: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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