Homework Help is Here – Start Your Trial Now!
Business
Accounting
Sales revenue Cost of goods sold Salaries and wages expense (sales) Sales commission expense Advertising expense (sales) Freight out Entertainment expense (sales) Telephone and internet expense (sales) Depreciation of sales equipment Repairs and maintenance expense (sales) Miscellaneous expenses (sales) Supplies expense (office) Depreciation expense on office furniture and equipment $1,837,150 1,061,770 53,460 99,400 29,230 21,900 15,420 9,930 5,880 6,400 5,315 3,950 7,350 Telephone and Internet expense (office) Salaries and wages (office) Supplies expense (sales) Repairs and maintenance expense (office) Depreciation understatement due to error-2021 (net of tax of $3,300) Miscellaneous expense (office) Dividend revenue Interest expense Income tax expense Dividends declared on preferred shares Dividends declared on common shares $2,920 8,020 5,450 9,830 19,600 7,800 38,800 18,200 134,800 9,465 32,300

Sales revenue Cost of goods sold Salaries and wages expense (sales) Sales commission expense Advertising expense (sales) Freight out Entertainment expense (sales) Telephone and internet expense (sales) Depreciation of sales equipment Repairs and maintenance expense (sales) Miscellaneous expenses (sales) Supplies expense (office) Depreciation expense on office furniture and equipment $1,837,150 1,061,770 53,460 99,400 29,230 21,900 15,420 9,930 5,880 6,400 5,315 3,950 7,350 Telephone and Internet expense (office) Salaries and wages (office) Supplies expense (sales) Repairs and maintenance expense (office) Depreciation understatement due to error-2021 (net of tax of $3,300) Miscellaneous expense (office) Dividend revenue Interest expense Income tax expense Dividends declared on preferred shares Dividends declared on common shares $2,920 8,020 5,450 9,830 19,600 7,800 38,800 18,200 134,800 9,465 32,300

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
The following account balances were included in the trial balance of Ayayai Corporation at June 30, 2023: Sales revenue Cost of goods sold Salaries and wages expense (sales) Sales commission expense (a) Advertising expense (sales) Freight out Entertainment expense (sales) Telephone and internet expense (sales) Depreciation of sales equipment Repairs and maintenance expense (sales) Miscellaneous expenses (sales) Supplies expense (office) Depreciation expense on office furniture and equipment $1,837,150 1,061,770 53,460 99,400 29,230 21,900 15,420 9,930 5,880 6,400 5,315 3,950 7,350 Telephone and Internet expense (office) Salaries and wages (office) Supplies expense (sales) Repairs and maintenance expense (office) Depreciation understatement due to error-2021 (net of tax of $3,300) Miscellaneous expense (office) Dividend revenue Interest expense Income tax expense Dividends declared on preferred shares Dividends declared on common shares $2,920 8,020 5,450 9,830 19,600 7,800 38,800 18,200 134,800 9,465 32,300 raw materials and other production supplies During 2023, Ayayai incurred production salary and wage costs of $700,500, of $474,670, and had an increase in work-in-process and finished goods inventories of $113,400. The Retained Earnings account had a balance of $291,000 at June 30, 2023, before closing. There are 180,000 common shares outstanding. Ayayai has elected to adopt IFRS. (Hint: Production payroll and materials costs reduced by the increase in ending work-in-process and finished goods inventories = the cost of goods sold.)
 
Prepare an income statement for the year ended June 30, 2023, using multiple step format and showing expense by function
The following account balances were included in the trial balance of Ayayai Corporation at June 30, 2023: Sales revenue Cost of goods sold Salaries and wages expense (sales) Sales commission expense Advertising expense (sales) Freight out Entertainment expense (sales) Telephone and internet expense (sales) Depreciation of sales equipment Repairs and maintenance expense (sales) Miscellaneous expenses (sales) Supplies expense (office) Depreciation expense on office furniture and equipment $1,837,150 1,061,770 53,460 99,400 29,230 21,900 15,420 9,930 5,880 6,400 5,315 3,950 7,350 Telephone and Internet expense (office) Salaries and wages (office) Supplies expense (sales) Repairs and maintenance expense (office) Depreciation understatement due to error-2021 (net of tax of $3,300) Miscellaneous expense (office) Dividend revenue Interest expense Income tax expense Dividends declared on preferred shares Dividends declared on common shares $2,920 8,020 5,450 9,830 19,600 7,800 38,800 18,200 134,800 9,465 32,300 During 2023, Ayayai incurred production salary and wage costs of $700,500, consumed raw materials and other production supplies of $474,670, and had an increase in work-in-process and finished goods inventories of $113,400. The Retained Earnings account had a balance of $291,000 at June 30, 2023, before closing. There are 180,000 common shares outstanding. Ayayai has elected to adopt IFRS. (Hint: Production payroll and materials costs reduced by the increase in ending work-in-process and finished goods inventories - the cost of goods sold.)
Transcribed Image Text:The following account balances were included in the trial balance of Ayayai Corporation at June 30, 2023: Sales revenue Cost of goods sold Salaries and wages expense (sales) Sales commission expense Advertising expense (sales) Freight out Entertainment expense (sales) Telephone and internet expense (sales) Depreciation of sales equipment Repairs and maintenance expense (sales) Miscellaneous expenses (sales) Supplies expense (office) Depreciation expense on office furniture and equipment $1,837,150 1,061,770 53,460 99,400 29,230 21,900 15,420 9,930 5,880 6,400 5,315 3,950 7,350 Telephone and Internet expense (office) Salaries and wages (office) Supplies expense (sales) Repairs and maintenance expense (office) Depreciation understatement due to error-2021 (net of tax of $3,300) Miscellaneous expense (office) Dividend revenue Interest expense Income tax expense Dividends declared on preferred shares Dividends declared on common shares $2,920 8,020 5,450 9,830 19,600 7,800 38,800 18,200 134,800 9,465 32,300 During 2023, Ayayai incurred production salary and wage costs of $700,500, consumed raw materials and other production supplies of $474,670, and had an increase in work-in-process and finished goods inventories of $113,400. The Retained Earnings account had a balance of $291,000 at June 30, 2023, before closing. There are 180,000 common shares outstanding. Ayayai has elected to adopt IFRS. (Hint: Production payroll and materials costs reduced by the increase in ending work-in-process and finished goods inventories - the cost of goods sold.)
The following account balances were included in the trial balance of Ayayai Corporation at June 30, 2023: Sales revenue Cost of goods sold Salaries and wages expense (sales) Sales commission expense Advertising expense (sales) Freight out Entertainment expense (sales) Telephone and internet expense (sales) Depreciation of sales equipment Repairs and maintenance expense (sales) Miscellaneous expenses (sales) Supplies expense (office) Depreciation expense on office furniture and equipment (a) $1,837,150 1,061,770 53,460 99,400 29,230 21,900 15,420 9,930 5,880 6,400 5,315 3,950 7,350 Telephone and Internet expense (office) Salaries and wages (office) Supplies expense (sales) Repairs and maintenance expense (office) Depreciation understatement due to error-2021 (net of tax of $3,300) Miscellaneous expense (office) Dividend revenue Interest expense Income tax expense Dividends declared on preferred shares Dividends declared on common shares $2,920 8,020 5,450 9,830 19,600 7,800 38,800 18,200 134,800 9,465 32,300 During 2023, Ayayal incurred production salary and wage costs of $700,500, consumed raw materials and other production supplies of $474,670, and had an increase in work-in-process and finished goods inventories of $113,400. The Retained Earnings account had a balance of $291,000 at June 30, 2023, before closing. There are 180,000 common shares outstanding. Ayayai has elected to adopt IFRS. (Hint: Production payroll and materials costs reduced by the increase in ending work-in-process and finished goods inventories- the cost of goods sold.)
Transcribed Image Text:The following account balances were included in the trial balance of Ayayai Corporation at June 30, 2023: Sales revenue Cost of goods sold Salaries and wages expense (sales) Sales commission expense Advertising expense (sales) Freight out Entertainment expense (sales) Telephone and internet expense (sales) Depreciation of sales equipment Repairs and maintenance expense (sales) Miscellaneous expenses (sales) Supplies expense (office) Depreciation expense on office furniture and equipment (a) $1,837,150 1,061,770 53,460 99,400 29,230 21,900 15,420 9,930 5,880 6,400 5,315 3,950 7,350 Telephone and Internet expense (office) Salaries and wages (office) Supplies expense (sales) Repairs and maintenance expense (office) Depreciation understatement due to error-2021 (net of tax of $3,300) Miscellaneous expense (office) Dividend revenue Interest expense Income tax expense Dividends declared on preferred shares Dividends declared on common shares $2,920 8,020 5,450 9,830 19,600 7,800 38,800 18,200 134,800 9,465 32,300 During 2023, Ayayal incurred production salary and wage costs of $700,500, consumed raw materials and other production supplies of $474,670, and had an increase in work-in-process and finished goods inventories of $113,400. The Retained Earnings account had a balance of $291,000 at June 30, 2023, before closing. There are 180,000 common shares outstanding. Ayayai has elected to adopt IFRS. (Hint: Production payroll and materials costs reduced by the increase in ending work-in-process and finished goods inventories- the cost of goods sold.)
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Basic Accounting Terms
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS