Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following account balances were included in the trial balance of Riverbed Corporation at June 30, 2020: Sales revenue Cost of goods sold $1,833,550 Telephone

image text in transcribedimage text in transcribedimage text in transcribed
The following account balances were included in the trial balance of Riverbed Corporation at June 30, 2020: Sales revenue Cost of goods sold $1,833,550 Telephone and Internet expense (office) $2,820 Salaries and wages expense (sales) 1,071,770 Salaries and wages (office) 7,520 Sales commission expense 55,460 Supplies expense (sales) 5,250 Advertising expense (sales) 99,600 Repairs and maintenance expense (office) 9,630 Freight out 29,630 Depreciation understatement due to error-2018 (net of tax of $3,300) 19,200 6,800 Entertainment expense (sales) 21,900 Miscellaneous expense (office) 15,820 Dividend revenue 38,100 Telephone and Internet expense (sales) 18,800 Depreciation of sales equipment 9,130 Interest expense 5,680 Income tax expense 134,400 Repairs and maintenance expense (sales) 9,945 Miscellaneous expenses (sales) 7,000 Dividends declared on preferred shares 5,415 Dividends declared on common shares 32,600 Supplies expense (office) 4,050 Depreciation expense on office furniture and equipment 7,950 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.) (a) Prepare an income statement for the year ended June 30, Collapse question part mem stemple-step format and showing expenses by function. (List Selling Expenses before Administrative Expenses. Round per share answer to 2 decimal places, e.g. 52.. .., Riverbed Corporation Income StatementPrepare an income statement for the year ended June 30, 2020, using the multiple-step format and showing expenses by function. (List Selling Expenses before Administrative Expenses. Round per share answer to 2 decimal places, e.g. 52.74.) Riverbed Corporation Income Statement

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Psychology Applied To Teaching

Authors: Jack Snowman, Rick McCown

14th Edition

1285734556, 9781285734552

More Books

Students also viewed these Accounting questions