Branksome Retailing Inc. has the following account balances as at June 30, 2015, its year-end (all numbers
Question:
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.
Transcribed Image Text:
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
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (17 reviews)
Branksome Retailing Inc Income Statement For the Year Ended June 30 ...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Volume 2
ISBN: 978-0176509743
2nd Canadian edition
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
Question Posted:
Students also viewed these Cost Accounting questions
-
Winston has the following account balances as of February 1. Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 600,000 Land . . . . . . . . . . . . . . . . . . . . ....
-
ABC, Inc. has the following account balances at December 31, 2004. During the year 2004, the company issued $6,000 of new common stock. Required From this information, prepare (A) An income...
-
Gourmet Teas & Coffee, Inc., has the following account balances at December 31, the end of the fiscal year: Prepaid insurance ...... $ 4,000 Rental income ....... 35,670 Unearned rental income ......
-
A geostationary satellite orbiting at a height 36,000km operates at 4GHz using a transmitter antenna that has a gain of 15dB. On earth the receiver antenna has a gain of 45dB. Calculate; (a) Free...
-
A pi meson has a mass of 139 MeV/c2. What is this in atomic mass units?
-
Consider the following galvanic cell: Calculate the Ksp value for Ag2SO4(s). Note that to obtain silver ions in the right compartment (the cathode compartment), excess solid Ag2SO4 was added and some...
-
Wdiat is the net income for the year as a percentage of total operating revenue?
-
Do the following events represent business transactions? Explain your answer in each case. (a) A computer is purchased on account. (b) A customer returns merchandise and is given credit on account....
-
Simplify cos(tan-(+). A. OB. |x| x+1 x-1 X C. OD. 1 1-x2 OE. x2
-
Castelo Branco Lda is a manufacturer of video-conferencing products. Regular units are manufactured to meet marketing projections, and specialised units are made after an order is received....
-
Alfred Art Ltd. sells native art to specialty stores in western Canada. The following selected accounts appear in the ledger of Alfred Art Ltd. at June 1, 2015, the beginning of the current fiscal...
-
After all the transactions for the year ended May 31, 2016, had been posted, the data below were taken from the records of Angelos Design Ltd. Assume all accounts have normal balances. Instructions...
-
Why is the yield on a convertible bond lower than the yield on an otherwise identical bond without a conversion feature?
-
using the following maturity terms and annual interest rate : Maturity Annual Interest Rate (%) 1 Year 1.25% 2 Years 1.5% 5 Years 2% 10 Years 3% Assuming joe and julia has their first yearly saving...
-
Karen earns a salary of $30,000 per year. For the pay period of April 26 to May 9th, how much of Karen's salary expense would be accrued on the April 30 financial statements of the hotel she works...
-
Sunland Inc. issued $3 million of 10-year, 9% convertible bonds on June 1, 2023, at 98 plus accrued interest. The bonds were dated April 1, 2023, with interest payable April 1 and October 1. Bond...
-
(a) Graph the line through the points (-6, -4) and (0, 4). 10+ 8 6 4 2 10 -8 -6-4-2 2 -2 -4 -6- Clear Al Draw: -8 4 60 8 10 10+ AVO (b) Write an equation of the line in the form y = mx+b. y=
-
1) If a company has fixed costs of $6,000 per month and their product that sells for $200 has a contribution margin ratio of 30%, how many units must they sell in order to break even? 2) A company...
-
Determine the pressure of R-410a at 100 F, v = 0.2 ft 3 /lbm using ideal gas and the Redlich- Kwong EOS.
-
The Taylor's series expansion for cosx about x = 0 is given by: where x is in radians. Write a user-defined function that determines cosx using Taylor's series expansion. For function name and...
-
Appliance Apps has the following costs associated with its production and sale of devices that allow appliances to receive commands from cell phones. Prepare an income statement under both the...
-
Wifi Apps has these costs associated with its production and sale of devices that allow visual communications between cell phones: Prepare an income statement under both the absorption and variable...
-
Crafts 4 All has these costs associated with production of 12,000 units of accessory products: direct materials, $19; direct labor, $30; variable manufacturing overhead, $15; total fixed...
-
Dividends on Preferred and Common Stock Pecan Theatre Inc. owns and operates movie theaters throughout Florida and Georgia. Pecan Theatre has declared the following annual dividends over a six-year...
-
[The following information applies to the questions displayed below.] In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the...
-
6 Lester and Forrest Scruggs have presented you with the following information for Scruggs, Inc. For 2021 they would like for you to 7 complete a(n) 1 adjusted Trial Balance (prepare this on a...
Study smarter with the SolutionInn App