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

Error2018 (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