Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following account balances were included in the trial balance of Marigold Corporation at June 3 0 , 2 0 2 5 . Sales revenue

The following account balances were included in the trial balance of Marigold Corporation at June 30,2025.
Sales revenue
$2,097,700
Depreciation expense (office furniture and equipment)
$9,000
Sales discounts
13,300
Property tax expense
12,700
Cost of goods sold
1,496,400
Bad debt expense (selling)
7,800
Salaries and wages expense (sales)
54,800
Maintenance and repairs expense (administration)
5,300
Sales commissions
135,900
Office expense
6,800
Travel expense (salespersons)
41,900
Sales returns and allowances
37,300
Delivery expense
32,000
Dividends received
21,000
Entertainment expense
21,800
Interest expense
37,800
Telephone and Internet expense (sales)
11,500
Income tax expense
64,713
Depreciation expense (sales equipment)
3,200
Depreciation overstatement due to error2023(net of tax)
31,000
Maintenance and repairs expense (sales)
2,700
Dividends declared on preferred stock
15,000
Miscellaneous expenses (sales)
6,000
Dividends declared on common stock
45,000
Office supplies used
2,800
Telephone and Internet expense (administration)
4,800
The Retained Earnings account had a balance of $510,000 at July 1,2024. There have been 150,000 shares of common stock outstanding throughout the year.
1. Using the multiple-step form, prepare an income statement for the year ended June 30,2025.(Round earnings per share to 2 decimal places
2. Prepare a retained earnings statement for the year ended June 30,2025.(List items that increase adjusted retained earnings first.)
3. Using the single-step form, prepare an income statement for the year ended June 30,2025.(Round earnings per share to 2 decimal places, e.g.1.48.)
4.Prepare a retained earnings statement for the year ended June 30,2025.(List items that increase adjusted retained earnings first.)

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_2

Step: 3

blur-text-image_3

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

Practical Guide To Accountancy

Authors: Ajit Kumar Chattopadhyay, Amalendu Mukhopadhyay

1st Edition

1642874264, 9781642874266

More Books

Students also viewed these Accounting questions