The following information was taken from Wildhorse Ltd.'s adjusted trial balance as at July 31, 2024: Sales revenue $1,214,900 Investment revenue 1,100 Administration expense 84,000 Wages expense 23,300 Cost of goods sold 546,705 Selling expense 249,300 Utilities expense 59,500 Depreciation expense 76,200 Financing expense 20,700 Income tax expense 76,435 Dividends declared-Common shares 26,900 (a) Prepare a single-step statement of income for the year ended July 31, 2024.
The following information was taken from Wildhorse Ltd.'s adjusted trial balance as at July 31, 2024: Sales revenue $1,214,900 Investment revenue 1,100 Administration expense 84,000 Wages expense 23,300 Cost of goods sold 546,705 Selling expense 249,300 Utilities expense 59,500 Depreciation expense 76,200 Financing expense 20,700 Income tax expense 76,435 Dividends declared-Common shares 26,900 (a) Prepare a single-step statement of income for the year ended July 31, 2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following information was taken from Wildhorse Ltd.'s adjusted trial balance as at July 31, 2024:
Sales revenue
$1,214,900
Investment revenue
1,100
Administration expense
84,000
Wages expense
23,300
Cost of goods sold
546,705
Selling expense
249,300
Utilities expense
59,500
Depreciation expense
76,200
Financing expense
20,700
Income tax expense
76,435
Dividends declared-Common shares
26,900
(a)
Prepare a single-step statement of income for the year ended July 31, 2024.
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