Question:
Here are the account balances for Reid Corporations June 30, 2020. I am having trouble with preparing the single step income statement
Sales revenue
$1,835,050
Telephone and Internet expense
Cost of goods sold
1,071,770
(office)
$ 2,820
Salaries and wages expense (sales)
56,260
Salaries and wages (office)
7,320
Sales commission expense
97,600
Supplies expense (sales)
4,850
Advertising expense (sales)
28,930
Repairs and maintenance expense (office)
9,130
Freight out
21,400
Depreciation understatement due to
Entertainment expense (sales)
14,820
Error—2018 (net of tax of $3,300) - adjust beginning retained earnings
17,700
Telephone and Internet expense (sales)
9,030
Miscellaneous expense (office)
6,000
Depreciation of sales equipment
4,980
Dividend revenue
38,000
Repairs and maintenance expense
Interest expense
18,000
(sales)
6,200
Income tax expense
133,000
Miscellaneous expenses (sales)
4,715
Dividends declared on preferred shares
9,000
Supplies expense (office)
3,450
Depreciation expense on office furniture and equipment
7,250
Dividends declared on common shares
32,000
Assume Reid has elected to adopt IFRS.
Retained Earnings account had a balance of $292,000 at July 1, 2019.
Help with preparing an income statement for the year ended June 30, 2020, using the single-step format
During 2020, Reid incurred production salary and wage costs of $710,000 and consumed raw materials and other production supplies of $361,770
In: Accounting
Pina Colada Corporation had net sales revenue of $5,860,000 and investment revenue of $220,000 for the year ended December 31, 2020. Other items pertaining to 2020 were as follows:
| Cost of goods sold | $4,610,000 | ||
| Salaries and wages expense (sales) | 450,000 | ||
| Advertising expense | 122,000 | ||
| Entertainment expense | 81,000 | ||
| Selling expenses | 653,000 | ||
| Salaries and wages expense (administrative) | 297,000 | ||
| Rent expense | 100,000 | ||
| Utilities expense | 45,000 | ||
| Administrative expenses | 442,000 | ||
| Increase in value of company reputation | 70,000 | ||
| Unrealized gain on value of patents | 35,000 | ||
| Interest expense | 153,000 | ||
| Income tax expense | 87,000 |
Pina Colada has 100,000 common shares outstanding throughout the
year.
Prepare a multiple-step income statement for Pina Colada Corporation, showing expenses by function. Include calculation of EPS. (Round per share answer to 2 decimal places, e.g. 52.75.)
|
Pina Colada Corporation Income Statement For the Year Ended December 31, 2020December 31, 2020 |
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|---|---|---|---|---|
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In: Accounting
In: Psychology
In: Accounting
1. Trading volume on the New York Stock Exchange has been growing in recent years. For the first two weeks of January 1998, the average daily volume was 646 million shares (Barron’s, January 1998). The probability distribution of daily volume is approximately normal with a standard deviation of about 100 million shares.
a. What is the probability trading volume will be less than 400 million shares?
b. What percentage of the time does the trading volume exceed 800 million shares?
2. Suppose that the average client charge per hour for lawyers in the state of Iowa for out-of-court work is $125. Suppose further that a random telephone sample of 25 lawyers in Iowa is taken. If the population standard deviation is $50,
In: Statistics and Probability
Assume you have a completely “dead” radio receiver with no visually defective components. What is the next troubleshooting step?
What is meant by “milking the front panel”?
What is the purpose of a “load” instrument in troubleshooting?
What is a good source for documentation on consumer equipment such as televisions, VCRs, and entertainment equipment?
In: Electrical Engineering
Dividend revenue and interest revenue are reported in the income statement as a component of a company's net income
True or False
In: Accounting
marginal revenue equals marginal cost to maximize total revenue
In: Economics
Describe revenue management and explain tools used by revenue managers.
In: Accounting
Information on Swifty Corporation, which reports under ASPE,
follows:
| July 1 | Swifty Corporation sold to Wildhorse Co. merchandise having a sales price of $8,500, terms 2/10, n/60. Ignore cost of goods sold entry. | |
| 3 | Wildhorse Co. returned defective merchandise having a sales price of $700. The merchandise was not saleable and was scrapped. | |
| 5 | Accounts receivable of $19,600 are factored with Ayayai Corp. without recourse at a financing charge of 9%. Cash is received for the proceeds and collections are handled by the finance company. | |
| 9 | Specific accounts receivable of $16,600 (gross) are pledged to Landon Credit Corp. as security for a loan of $10,800 at a finance charge of 3% of the loan amount plus 9% interest on the outstanding balance. Swifty will continue to make the collections. All the accounts receivable pledged are past the discount period and were originally subject to a 2% discount. | |
| Dec. 29 | Wildhorse Co. notifies Swifty that it is bankrupt and will be able to pay only 10% of its account. Give the entry to write off the uncollectible balance using the allowance method. |
(a)
Prepare all necessary journal entries on Swifty Corporation’s
books.
List of possible accounts are as follows:
Accounts Payable
Accounts Receivable
Accrued Liabilities
Accumulated Depreciation - Equipment
Advances to Employees
Advertising Expense
Allowance for Doubtful Accounts
Allowance for Sales Returns and Allowances
Bad Debt Expense
Bank Charges Expense
Cash
Cash Over and Short
Due from Factor
Entertainment Expense
Equipment
Finance Expense
Finance Revenue
Freight in
Freight out
Gain on Disposal of Equipment
Gain on Disposal of Land
Interest Expense
Interest Income
Interest Receivable
Inventory
Land
Loss on Disposal of Equipment
Loss on Disposal of Land
Loss on Disposal of Receivables
Loss on Impairment
Miscellaneous Expense
No Entry
Notes Payable
Notes Receivable
Office Expense
Petty Cash
Postage Expense
Prepaid Expenses
Purchase Discounts
Recourse Liability
Refund Liability
Rent Expense
Sales Discounts
Sales Discounts Forfeited
Sales Returns and Allowances
Sales Revenue
Servicing Liability
Service Revenue
Supplies
Supplies Expense
Unearned Revenue
In: Accounting