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The ledger of Cullumber Limited at October 31, 2024, contains the following summary data: Cash dividends-common Common shares Depreciation expense Service revenue $129,000 654,000 101,000 1,475,000 Operating expenses Interest expense Retained earnings, November 1, 2023 Your analysis reveals the following additional information: $935,000 64,000 579.000

The ledger of Cullumber Limited at October 31, 2024, contains the following summary data: Cash dividends-common Common shares Depreciation expense Service revenue $129,000 654,000 101,000 1,475,000 Operating expenses Interest expense Retained earnings, November 1, 2023 Your analysis reveals the following additional information: $935,000 64,000 579.000

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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(c) Your answer is incorrect. Calculate profit for the year ended October 31, 2024. Profit $ 318750
Transcribed Image Text:(c) Your answer is incorrect. Calculate profit for the year ended October 31, 2024. Profit $ 318750
The ledger of Cullumber Limited at October 31, 2024, contains the following summary data: Cash dividends-common Common shares Depreciation expense Service revenue 1. 2. $129,000 3. 654,000 101,000 1,475,000 Operating expenses Your analysis reveals the following additional information: Interest expense Retained earnings, November 1, 2023 $935,000 64,000 579,000 The company has a 25% income tax rate. On March 19, 2024, Cullumber discovered an error made in the previous fiscal year. A $65,000 payment of a note payable had been recorded as interest expense. On April 10, 2024, common shares costing $85,000 were reacquired for $109,000. This is the first time the company has reacquired common shares.
Transcribed Image Text:The ledger of Cullumber Limited at October 31, 2024, contains the following summary data: Cash dividends-common Common shares Depreciation expense Service revenue 1. 2. $129,000 3. 654,000 101,000 1,475,000 Operating expenses Your analysis reveals the following additional information: Interest expense Retained earnings, November 1, 2023 $935,000 64,000 579,000 The company has a 25% income tax rate. On March 19, 2024, Cullumber discovered an error made in the previous fiscal year. A $65,000 payment of a note payable had been recorded as interest expense. On April 10, 2024, common shares costing $85,000 were reacquired for $109,000. This is the first time the company has reacquired common shares.
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