The following account balances were included in the trial balance of Bramble Corporation at June 30,...
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The following account balances were included in the trial balance of Bramble Corporation at June 30, 2023 Sales revenue $1,840,150 Telephone and Internet expense (office) $3,320 Cost of goods sold 1,061,770 Salaries and wages (office) 8,020 Salaries and wages expense (sales) 54,460 Supplies expense (sales) 5,250 Sales commission expense 98,600 D Repairs and maintenance expense (office) 9.330 Depreciation understatement due to error-2021 Advertising expense (sales) 29.630 (net of tax of $3.300) 18,800 Freight out 22,300 Miscellaneous expense (office) 6,300 Entertainment expense (sales) 15,520 Dividend revenue 39,600 Telephone and internet expense (sales) 9,230 Interest expense 18,400 Depreciation of sales equipment 5,080 Income tax expense 133,000 Repairs and maintenance expense (sales) 7,100 Dividends declared on preferred shares 10.165 Miscellaneous expenses (sales) 5.115 Dividends declared on common shares 32.200 Supplies expense (office) 3.450 Depreciation expense on office furniture 7.950 and equipment Repairs and maintenance expense (sales) 7,100 Dividends declared on preferred shares 10.165 Miscellaneous expenses (sales) 5,115 Dividends declared on common shares 32,200 Supplies expense (office) 3,450 Depreciation expense on office furniture 7,950 and equipment During 2023, Bramble incurred production salary and wage costs of $696,900, consumed raw materials and other production supplies of $478,670, and had an increase in work-in-process and finished goods inventories of $113,800. The Retained Earnings account had a balance of $281,000 at June 30, 2023, before closing. There are 180,000 common shares outstanding. Bramble 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.) (a) Prepare an income statement for the year ended June 30, 2023, using the multiple-step format and showing expenses by function. (List Selling Expenses before Administrative Expenses. Round per share answer to 2 decimal places, eg. 52.74) Bramble Corporation Income Statement For the Year Ended June 30, 2023 The following account balances were included in the trial balance of Bramble Corporation at June 30, 2023 Sales revenue $1,840,150 Telephone and Internet expense (office) $3,320 Cost of goods sold 1,061,770 Salaries and wages (office) 8,020 Salaries and wages expense (sales) 54,460 Supplies expense (sales) 5,250 Sales commission expense 98,600 D Repairs and maintenance expense (office) 9.330 Depreciation understatement due to error-2021 Advertising expense (sales) 29.630 (net of tax of $3.300) 18,800 Freight out 22,300 Miscellaneous expense (office) 6,300 Entertainment expense (sales) 15,520 Dividend revenue 39,600 Telephone and internet expense (sales) 9,230 Interest expense 18,400 Depreciation of sales equipment 5,080 Income tax expense 133,000 Repairs and maintenance expense (sales) 7,100 Dividends declared on preferred shares 10.165 Miscellaneous expenses (sales) 5.115 Dividends declared on common shares 32.200 Supplies expense (office) 3.450 Depreciation expense on office furniture 7.950 and equipment Repairs and maintenance expense (sales) 7,100 Dividends declared on preferred shares 10.165 Miscellaneous expenses (sales) 5,115 Dividends declared on common shares 32,200 Supplies expense (office) 3,450 Depreciation expense on office furniture 7,950 and equipment During 2023, Bramble incurred production salary and wage costs of $696,900, consumed raw materials and other production supplies of $478,670, and had an increase in work-in-process and finished goods inventories of $113,800. The Retained Earnings account had a balance of $281,000 at June 30, 2023, before closing. There are 180,000 common shares outstanding. Bramble 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.) (a) Prepare an income statement for the year ended June 30, 2023, using the multiple-step format and showing expenses by function. (List Selling Expenses before Administrative Expenses. Round per share answer to 2 decimal places, eg. 52.74) Bramble Corporation Income Statement For the Year Ended June 30, 2023
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Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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