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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is skimming?
Define writing an option
Differentiate between letters, memo and report?
What does data cleansing mean?
next answer?
What is greenmail?
What is a data dictionary?
Define cardinality.
Define strategy.
Explain real options
Write a about memorandum message
Define broker