The following account balances were included in the trial balance of Bramble 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 $1,839,650 1,061,770 52,660 98,000 29,630 22,100 15,120 9,530 5,080 6,600 5,115 3,950 7,750 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 $2,820 7,920 4,850 10,030 18,400 7,400 38,300 19,500 133,100 9,265 33,400 During 2023, Bramble incurred production salary and wage costs of $698,900, consumed raw materials and other production supplies of $477,170, and had an increase in work-in-process and finished goods inventories of $114,300. The Retained Earnings account had a balance of $274,000 at June 30, 2023, before closing. There are 180,000 common shares outstanding. Bramble 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.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
Sales Revenue
Bramble Corporation
Income Statement
For the Year Ended June 30, 2023
69
$
DOOD
Transcribed Image Text:Sales Revenue Bramble Corporation Income Statement For the Year Ended June 30, 2023 69 $ DOOD
Current Attempt in Progress
The following account balances were included in the trial balance of Bramble Corporation at June 30, 2023:
$1,839,650
Telephone and Internet expense (office)
1,061,770
Salaries and wages (office)
Supplies expense (sales)
Repairs and maintenance expense (office)
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
52,660
98,000
29,630
22,100
15,120
9,530
5,080
6,600
5,115
3,950
7,750
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
$2,820
7,920
4,850
10,030
18,400
7,400
38,300
19,500
133,100
9,265
33,400
During 2023, Bramble incurred production salary and wage costs of $698,900, consumed raw materials and other production supplies
of $477.170, and had an increase in work-in-process and finished goods inventories of $114,300. The Retained Earnings account had
a balance of $274,000 at June 30, 2023, before closing. There are 180,000 common shares outstanding. Bramble 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:Current Attempt in Progress The following account balances were included in the trial balance of Bramble Corporation at June 30, 2023: $1,839,650 Telephone and Internet expense (office) 1,061,770 Salaries and wages (office) Supplies expense (sales) Repairs and maintenance expense (office) 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 52,660 98,000 29,630 22,100 15,120 9,530 5,080 6,600 5,115 3,950 7,750 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 $2,820 7,920 4,850 10,030 18,400 7,400 38,300 19,500 133,100 9,265 33,400 During 2023, Bramble incurred production salary and wage costs of $698,900, consumed raw materials and other production supplies of $477.170, and had an increase in work-in-process and finished goods inventories of $114,300. The Retained Earnings account had a balance of $274,000 at June 30, 2023, before closing. There are 180,000 common shares outstanding. Bramble 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
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Financial Statements
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