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The following account balances were included in the trial balance of Bramble Corporation at June 30, 2020. Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) $1,595,870 33,040 897.600 56.520 98.900 35.200 23.290 14.990 9.160 4.914 6,715 4.689 3,656 2,966 Depreciation expense (office furniture and equipment) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) Office expense Sales returns and allowances Dividends received. Interest expense Income tax expense Depreciation understatement due to error-2017 (net of tax) Dividends declared on preferred stock Dividends declared on common stock The Retained Earnings account had a balance of $370,560 at July 1, 2019. There are 75,830 shares of common stock outstanding. $7,119 7,850 4,614 8,347 6,480 58,075 34,910 18,950 107,240 17,738 9,020 39,470

The following account balances were included in the trial balance of Bramble Corporation at June 30, 2020. Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) $1,595,870 33,040 897.600 56.520 98.900 35.200 23.290 14.990 9.160 4.914 6,715 4.689 3,656 2,966 Depreciation expense (office furniture and equipment) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) Office expense Sales returns and allowances Dividends received. Interest expense Income tax expense Depreciation understatement due to error-2017 (net of tax) Dividends declared on preferred stock Dividends declared on common stock The Retained Earnings account had a balance of $370,560 at July 1, 2019. There are 75,830 shares of common stock outstanding. $7,119 7,850 4,614 8,347 6,480 58,075 34,910 18,950 107,240 17,738 9,020 39,470

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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Using the multiple-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) BRAMBLE CORPORATION Income Statement For the Year Ended June 30, 2020 $
Transcribed Image Text:Using the multiple-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) BRAMBLE CORPORATION Income Statement For the Year Ended June 30, 2020 $
The following account balances were included in the trial balance of Bramble Corporation at June 30, 2020. Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) $1,595,870 33,040 897.600 56.520 98.900 35.200 23.290 14.990 9.160 4.914 6,715 4.689 3,656 2,966 Depreciation expense (office furniture and equipment) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) Office expense Sales returns and allowances Dividends received. Interest expense Income tax expense Depreciation understatement due to error-2017 (net of tax) Dividends declared on preferred stock Dividends declared on common stock The Retained Earnings account had a balance of $370,560 at July 1, 2019. There are 75,830 shares of common stock outstanding. $7,119 7,850 4,614 8,347 6,480 58,075 34,910 18,950 107,240 17,738 9,020 39,470
Transcribed Image Text:The following account balances were included in the trial balance of Bramble Corporation at June 30, 2020. Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) $1,595,870 33,040 897.600 56.520 98.900 35.200 23.290 14.990 9.160 4.914 6,715 4.689 3,656 2,966 Depreciation expense (office furniture and equipment) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) Office expense Sales returns and allowances Dividends received. Interest expense Income tax expense Depreciation understatement due to error-2017 (net of tax) Dividends declared on preferred stock Dividends declared on common stock The Retained Earnings account had a balance of $370,560 at July 1, 2019. There are 75,830 shares of common stock outstanding. $7,119 7,850 4,614 8,347 6,480 58,075 34,910 18,950 107,240 17,738 9,020 39,470
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