Savage Corporation at June 30, 2020. Sales revenue $1,595,870 Depreciation expense (office furniture and equipment) $7,119...

Savage Corporation at June 30, 2020.

Sales revenue	$1,595,870	Depreciation expense (office furniture and equipment)	$7,119
Sales discounts	33,040	Property tax expense	7,850
Cost of goods sold	897,600	Bad debt expense (selling)	4,614
Salaries and wages expense (sales)	56,520	Maintenance and repairs expense (administration)	8,347
Sales commissions	98,900	Office expense	6,480
Travel expense (salespersons)	35,200	Sales returns and allowances	58,075
Delivery expense	23,290	Dividends received	34,910
Entertainment expense	14,990	Interest expense	18,950
Telephone and Internet expense (sales)	9,160	Income tax expense	107,240
Depreciation expense (sales equipment)	4,914	Depreciation understatement due to error—2020 (net of tax)	17,738
Maintenance and repairs expense (sales)	6,715	Dividends declared on preferred stock	9,020
Miscellaneous selling expenses	4,689	Dividends declared on common stock	39,470
Office supplies used	3,656
Telephone and Internet expense (administration)	2,966

The Retained Earnings account had a balance of $370,560 at July 1, 2019. There are 75,830 shares of common stock outstanding.

Using the single-step form, prepare an income statement for the year ended June 30, 2020.

Prepare a retained earnings statement for the year ended June 30, 2020.

Expert Solution

ekkarill92 answered 2 years ago

The information below relates to ABC Company for the year ended 30 June 2020. Sales revenue...

The information below relates to ABC Company for the year ended 30 June 2020. Sales revenue 352,000 Accrued wages 15,000 Bank balance 1 July 2019 ($22,000) Cash paid to suppliers 192,200 Cash receipts from customers 294,000 Payments to employees and for expenses 25,000 Bank loan received 6,600 Property taxes paid 20,000 Depreciation of equipment 45,600 Interest received 20,500 Cash received from sale of share market investments 55,000 Cash paid to purchase computer hardware 40,000 Issued shares in exchange for block...

Modern Office Solutions Inc. leases most of its office furniture and equipment. On January 1, 2020,...

Modern Office Solutions Inc. leases most of its office furniture and equipment. On January 1, 2020, Modern entered into a five-year lease for new equipment. The payments are to be made at the beginning of each lease year. Modern has the option of purchasing the equipment at the end of the lease. The present value of the minimum lease payments is equal to the fair value of the equipment at lease inception. Modern follows IFRS. Other information is as follows:...

Windsor Corporation Trial Balance June 30, 2017 Accounts Balance Sales revenue 1,583,270 Sales discounts 31,410 Cost...

Windsor Corporation Trial Balance June 30, 2017 Accounts Balance Sales revenue 1,583,270 Sales discounts 31,410 Cost of goods sold 898,200 Salaries and wages expense (sales) 56,480 Sales commissions 98,010 Travel expense (salespersons) 34,800 Delivery expense 22,840 Entertainment expense 15,090 Telephone and Internet expense (sales) 9,070 Depreciation expense (sales equipment) 4,902 Maintenance and repairs expense (sales) 6,085 Miscellaneous selling expenses 4,920 Office supplies used 3,325 Telephone and Internet expense (administration) 2,748 Depreciation expense (office furniture and equipment) 6,832 Property tax expense...

Windsor Corporation Trial Balance June 30, 2017 Accounts Balance Sales revenue 1,583,270 Sales discounts 31,410 Cost...

Windsor Corporation Trial Balance June 30, 2017 Accounts Balance Sales revenue 1,583,270 Sales discounts 31,410 Cost of goods sold 898,200 Salaries and wages expense (sales) 56,480 Sales commissions 98,010 Travel expense (salespersons) 34,800 Delivery expense 22,840 Entertainment expense 15,090 Telephone and Internet expense (sales) 9,070 Depreciation expense (sales equipment) 4,902 Maintenance and repairs expense (sales) 6,085 Miscellaneous selling expenses 4,920 Office supplies used 3,325 Telephone and Internet expense (administration) 2,748 Depreciation expense (office furniture and equipment) 6,832 Property tax expense...

Windsor Corporation Trial Balance June 30, 2017 Accounts Balance Sales revenue 1,583,270 Sales discounts 31,410 Cost...

Windsor Corporation Trial Balance June 30, 2017 Accounts Balance Sales revenue 1,583,270 Sales discounts 31,410 Cost of goods sold 898,200 Salaries and wages expense (sales) 56,480 Sales commissions 98,010 Travel expense (salespersons) 34,800 Delivery expense 22,840 Entertainment expense 15,090 Telephone and Internet expense (sales) 9,070 Depreciation expense (sales equipment) 4,902 Maintenance and repairs expense (sales) 6,085 Miscellaneous selling expenses 4,920 Office supplies used 3,325 Telephone and Internet expense (administration) 2,748 Depreciation expense (office furniture and equipment) 6,832 Property tax expense...

using the information below: Advertising expenses $ 16,000 Depreciation expense - admin. office 107,000 Depreciation expense...

using the information below: Advertising expenses $ 16,000 Depreciation expense - admin. office 107,000 Depreciation expense - plant 197,000 Direct materials inventory, beginning 33,000 Direct materials inventory, ending 28,000 Direct materials purchases 190,000 Direct labor 345,000 Finished goods inventory, beginning 66,000 Finished goods inventory, ending 43,000 Heat and light for plant 23,000 Indirect labor 128,000 Insurance on plant 44,000 Repairs on plant building 34,000 Sales representatives' salaries 258,000 Sales revenue 1,675,000 Supervisor's salary - plant 106,000 Work-in-process inventory, beginning 14,000...

Today is June 30, 2020. WheeWork company owns an office building for which it paid $...

Today is June 30, 2020. WheeWork company owns an office building for which it paid $ 20,000,000 on January 1, 2019, and which currently has Accumulated Depreciation of $ 3,000,000. WheeWork purchased the building to create 500 "work stations" which it rented out the individuals who did not want to purchase or lease office space themself. Historically, WheeWork was able to rent 80% of their units at a rate of $ 400 per month (i.e. $ 4,800 per year). WheeWork...

Lee Furniture Company manufactures office chairs. The 2020 operating budget is based on sales of 50,000...

Lee Furniture Company manufactures office chairs. The 2020 operating budget is based on sales of 50,000 units at $65 per chair. Budgeted variable costs are $40 per unit, fixed costs are $800,000, and operating income is projected to be $450,000. Regarding actual results, 54,000 units were sold at $70 each, actual variable costs were $38 per unit and fixed costs were $750,000. Resulting in 2020 actual income of $978,000. Required: Prepare a variance analysis report with both flexible-budget and sales-volume...

ABC Ltd. sold equipment on June 30 2020 for $110,000. The equipment had originally been purchased...

ABC Ltd. sold equipment on June 30 2020 for $110,000. The equipment had originally been purchased for $160,000 on July 1, 2015. At the time of purchase, the equipment’s useful life was estimated to be ten years and to only be worth $10,000 as scrap value at that time. What was the gain or loss reported by ABC on the sale of the equipment? (State any assumptions you make).

The following information relates to Lindisfarne Travel Pty Ltd as at 30 June 2020: Unearned Revenue...

The following information relates to Lindisfarne Travel Pty Ltd as at 30 June 2020: Unearned Revenue 3,200 Accumulated Depreciation - Furniture & Fittings 76,500 Travel Expense 182,000 Salary Payable 500 Cash at Bank 45,500 Loan (paid in two years) 35,000 Sales Revenue 1,272,000 Prepaid Rent 8,000 Accounts Payable 26,500 Accounts Receivable 79,500 Furniture & Fittings 176,500 Capital ??? Depreciation Expense- Furniture & Fittings 24,500 Required: Prepare a classified Narrative Balance Sheet. Marks will be deducted for including items that do...

Question

Savage Corporation at June 30, 2020. Sales revenue $1,595,870 Depreciation expense (office furniture and equipment) $7,119...

Solutions

Expert Solution

Related Solutions