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The following information is taken from the accounting records of Sheridan Corporation, a Canadian public company, for the year ended December 31, 2023. Accounts receivable Retained earnings, January 1, 2023 Loss on operation of discontinued operations (before tax) Sales revenue Cost of goods sold Selling expenses Cash Common shares (18,000 common shares outstanding) Dividend revenue Inventory Unearned revenue Land Interest expense Administrative expenses Notes payable (maturity 202⁹) Accounts payable Gain on disposal of discontinued operations (before tax) Depreciation expense Loss on disposal of equipment (before tax) $86.500 262.000 102,500 1,188,500 734,500 130.000 74,500 200.000 18,400 121,000 4.400 380,000 18.500 162.000 180,000 72.000 148,000 46,000 15,000

The following information is taken from the accounting records of Sheridan Corporation, a Canadian public company, for the year ended December 31, 2023. Accounts receivable Retained earnings, January 1, 2023 Loss on operation of discontinued operations (before tax) Sales revenue Cost of goods sold Selling expenses Cash Common shares (18,000 common shares outstanding) Dividend revenue Inventory Unearned revenue Land Interest expense Administrative expenses Notes payable (maturity 202⁹) Accounts payable Gain on disposal of discontinued operations (before tax) Depreciation expense Loss on disposal of equipment (before tax) $86.500 262.000 102,500 1,188,500 734,500 130.000 74,500 200.000 18,400 121,000 4.400 380,000 18.500 162.000 180,000 72.000 148,000 46,000 15,000

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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The following information is taken from the accounting records of Sheridan Corporation, a Canadian public company, for the year ended December 31, 2023. Accounts receivable Retained earnings, January 1, 2023 Loss on operation of discontinued operations (before tax) Sales revenue Cost of goods sold Selling expenses Cash Common shares (18,000 common shares outstanding) Dividend revenue Inventory Unearned revenue Land Interest expense Administrative expenses Notes payable (maturity 2029) Accounts payable Gain on disposal of discontinued operations (before tax) Depreciation expense Loss on disposal of equipment (before tax) Beginning Balance, January 1 Sales Revenue Dividend Revenue Other Revenue and Gains Gross Profit/Loss) Operating Expenses Selling Expenses Operating Expenses Depreciation Expense Interest Expense Total Operating Expenses Income from Continuing Operations before income Tax $86.500 262.000 v 102,500 1,188,500 734.500 130,000 74,500 200,000 18.400 121,000 4,400 380,000 18,500 162,000 180,000 Sheridan Corporation Statement of Income For the Year Ended December 31, 2023 72.000 148,000 46,000 15,000 $ $
Transcribed Image Text:The following information is taken from the accounting records of Sheridan Corporation, a Canadian public company, for the year ended December 31, 2023. Accounts receivable Retained earnings, January 1, 2023 Loss on operation of discontinued operations (before tax) Sales revenue Cost of goods sold Selling expenses Cash Common shares (18,000 common shares outstanding) Dividend revenue Inventory Unearned revenue Land Interest expense Administrative expenses Notes payable (maturity 2029) Accounts payable Gain on disposal of discontinued operations (before tax) Depreciation expense Loss on disposal of equipment (before tax) Beginning Balance, January 1 Sales Revenue Dividend Revenue Other Revenue and Gains Gross Profit/Loss) Operating Expenses Selling Expenses Operating Expenses Depreciation Expense Interest Expense Total Operating Expenses Income from Continuing Operations before income Tax $86.500 262.000 v 102,500 1,188,500 734.500 130,000 74,500 200,000 18.400 121,000 4,400 380,000 18,500 162,000 180,000 Sheridan Corporation Statement of Income For the Year Ended December 31, 2023 72.000 148,000 46,000 15,000 $ $
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