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The following information was taken from Riddell Ltd.'s adjusted trial Sales revenue $1,061,800 Interest revenue 8,000 Utilities expense 20,000 8,500 Insurance expense Cost of goods sold Distribution expenses Administration expenses 403,484 248,516 94,000

The following information was taken from Riddell Ltd.'s adjusted trial Sales revenue $1,061,800 Interest revenue 8,000 Utilities expense 20,000 8,500 Insurance expense Cost of goods sold Distribution expenses Administration expenses 403,484 248,516 94,000

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 was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2020: $1,061,800 Sales revenue Interest revenue 8,000 Utilities expense 20,000 Insurance expense 8,500 Cost of goods sold 403,484 Distribution expenses 248,516 Administration expenses 94,000 Depreciation expense 70,000 Interest expense 15,800 Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares 58,400 13,200 18,200 Prepare a multi-step statement of income for the year ended April 30, 2020. Riddell Ltd. Statement of Income ♦ ◆
Transcribed Image Text:The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2020: $1,061,800 Sales revenue Interest revenue 8,000 Utilities expense 20,000 Insurance expense 8,500 Cost of goods sold 403,484 Distribution expenses 248,516 Administration expenses 94,000 Depreciation expense 70,000 Interest expense 15,800 Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares 58,400 13,200 18,200 Prepare a multi-step statement of income for the year ended April 30, 2020. Riddell Ltd. Statement of Income ♦ ◆
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