Shown below account balances in the trial balance of Holiday Corporation as at 31 December 2020. Sales revenue $895,000 Interest revenue 19,500 Cost of merchandise sold 408,500 Selling expenses 145,000 Administrative expense 215,000 Interest expense 13,000 Dividend (for preference shares) 3,000 Dividend (for ordinary shares) 7,000 Loss from discontinued operations 40,000 Retained earnings, 1 January 2020 $193,000 Prepare an income statement and statement of retained earnings for the year ended 31 December 2020 for Holiday Corporation that is presented in accordance with IFRS (including format and terminology). Holiday Corporation has 50,000 ordinary shares and 10,000 preference shares outstanding and has a 30% income tax rate on all tax related items.
Shown below account balances in the trial balance of Holiday Corporation as at 31 December 2020. Sales revenue $895,000 Interest revenue 19,500 Cost of merchandise sold 408,500 Selling expenses 145,000 Administrative expense 215,000 Interest expense 13,000 Dividend (for preference shares) 3,000 Dividend (for ordinary shares) 7,000 Loss from discontinued operations 40,000 Retained earnings, 1 January 2020 $193,000 Prepare an income statement and statement of retained earnings for the year ended 31 December 2020 for Holiday Corporation that is presented in accordance with IFRS (including format and terminology). Holiday Corporation has 50,000 ordinary shares and 10,000 preference shares outstanding and has a 30% income tax rate on all tax related items.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Shown below account balances in the trial balance of Holiday Corporation as at 31 December 2020.
Sales revenue $895,000
Interest revenue 19,500
Cost of merchandise sold 408,500
Selling expenses 145,000
Administrative expense 215,000
Interest expense 13,000
Dividend (for preference shares) 3,000
Dividend (for ordinary shares) 7,000
Loss from discontinued operations 40,000
Retained earnings, 1 January 2020 $193,000
Prepare an income statement and statement of retained earnings for the year ended 31 December
2020 for Holiday Corporation that is presented in accordance with IFRS (including format and
terminology). Holiday Corporation has 50,000 ordinary shares and 10,000 preference shares
outstanding and has a 30% income tax rate on all tax related items.
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