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The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2016: Sales revenue $1,045,800 Interest revenue 7,200 Sales returns and

The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2016:

Sales revenue

$1,045,800

Interest revenue

7,200

Sales returns and allowances

24,000

Sales discounts

6,000

Cost of goods sold

396,000

Distribution expenses

230,250

Administration expenses

90,250

Depreciation expense

81,000

Interest expense

16,500

Income tax expense

56,700

Dividends declaredCommon shares

15,000

Dividends declaredPreferred shares

20,000

Required:

a.

Prepare a single-step statement of income for the year ended April 30, 2016.

b.

Prepare a multi-step statement of income for the year ended April 30, 2016.

c.

Determine Riddell's gross margin percentage for the year.

d.

If Riddell had 35,000 common shares outstanding throughout the year, determine the company's basic earnings per share.

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