Branksome Retailing Inc. has the following account balances as at June 30, 2015, its year-end (all numbers
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Branksome Retailing pays income taxes at a rate of 25%. It has no outstanding preferred shares. Prepare an income statement for Branksome Retailing for the year ended June 30, 2015, including earnings per share.
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Error discovered in 2013 financial statements (prepaid rent recorded incorrectly as rent expense) Selling and administration expenses Net sales 32,600 253,000 2,356.000 28,750 Gain on sale of building Interest expense 12,050 Cost of goods sold Income taxes expense Payment made in settlement of a lawsuit, in October 2014 Effect of change in accounting policy 1,425,000 158,000 65.000 2,500 Interest revenue Gain on discontinued operations Weighted average number of common shares 32,000 135.000
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Related Book For
Accounting Volume 2
ISBN: 978-0176509743
2nd Canadian edition
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
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