Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help me to solve the spaces thanks. The following account balances were included in the trial balance of Riverbed Corporation at June 30, 2020:
please help me to solve the spaces thanks.
The following account balances were included in the trial balance of Riverbed Corporation at June 30, 2020: Sales revenue $1,833,550 Telephone and Internet expense (office) Cost of goods sold 1,071,770 Salaries and wages (office) Salaries and wages expense (sales) 55,460 Supplies expense (sales) Sales commission expense 99,600 Repairs and maintenance expense (office) Advertising expense (sales) 29,630 Depreciation understatement due to error-2018 (net of tax of $3,300) Freight out 21,900 Miscellaneous expense (office) Entertainment expense (sales) 15,820 Dividend revenue Telephone and Internet expense (sales) 9,130 Interest expense Depreciation of sales equipment 5,680 Income tax expense Repairs and maintenance expense (sales) 7,000 Dividends declared on preferred shares Miscellaneous expenses (sales) 5,415 Dividends declared on common shares Supplies expense (office) 4,050 Depreciation expense on office furniture and equipment 7,950 $2,820 7,520 5,250 9,630 19,200 6,800 38,100 18,800 134,400 9,945 32,600 During 2020, Riverbed incurred production salary and wage costs of $707,100, consumed raw materials and other production supplies of $479,170, and had an increase in work-in-process and finished goods inventories of $114,500. The Retained Earnings account had a balance of $291,000 at June 30, 2020, before closing. There are 180,000 common shares outstanding. Assume Riverbed has elected to adopt IFRS. (Hint: Production payroll and materials costs reduced by the increase in ending work-in-process and finished goods inventories = the cost of goods sold.) Prepare the retained earnings portion of the statement of changes in equity for the year ended June 30, 2020. (List items that increase retained earnings first after adjusted balance.) Riverbed Corporation Excerpt from Statement of Changes in Equity Retained Earnings, July 1, 2019, As Reported Add Less Correction of Depreciation Understatement Retained Earnings, June 30, 2020 $ The following account balances were included in the trial balance of Riverbed Corporation at June 30, 2020: Sales revenue $1,833,550 Telephone and Internet expense (office) Cost of goods sold 1,071,770 Salaries and wages (office) Salaries and wages expense (sales) 55,460 Supplies expense (sales) Sales commission expense 99,600 Repairs and maintenance expense (office) Advertising expense (sales) 29,630 Depreciation understatement due to error-2018 (net of tax of $3,300) Freight out 21,900 Miscellaneous expense (office) Entertainment expense (sales) 15,820 Dividend revenue Telephone and Internet expense (sales) 9,130 Interest expense Depreciation of sales equipment 5,680 Income tax expense Repairs and maintenance expense (sales) 7,000 Dividends declared on preferred shares Miscellaneous expenses (sales) 5,415 Dividends declared on common shares Supplies expense (office) 4,050 Depreciation expense on office furniture and equipment 7,950 $2,820 7,520 5,250 9,630 19,200 6,800 38,100 18,800 134,400 9,945 32,600 During 2020, Riverbed incurred production salary and wage costs of $707,100, consumed raw materials and other production supplies of $479,170, and had an increase in work-in-process and finished goods inventories of $114,500. The Retained Earnings account had a balance of $291,000 at June 30, 2020, before closing. There are 180,000 common shares outstanding. Assume Riverbed has elected to adopt IFRS. (Hint: Production payroll and materials costs reduced by the increase in ending work-in-process and finished goods inventories = the cost of goods sold.) Prepare the retained earnings portion of the statement of changes in equity for the year ended June 30, 2020. (List items that increase retained earnings first after adjusted balance.) Riverbed Corporation Excerpt from Statement of Changes in Equity Retained Earnings, July 1, 2019, As Reported Add Less Correction of Depreciation Understatement Retained Earnings, June 30, 2020 $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started