Question

The following account balances were included in the trial balance of Reid Corporation at June 30,2014:
During 2014, Reid incurred production salary and wage costs of S71 0,000, consumed raw materials and other production supplies of $4 74,670, and had an increase in work-in-process and finished goods inventories of $ 112,900. The
Retained Earnings account had a balance of $292,000 at June 30, 2014, before closing. There are 180,000 common shares outstanding. Assume Reid has elected to adopt IFRS.
Instructions
(a) Prepare an income statement for the year ended June 30, 2014, using the multiple-step format and showing expenses by function.
(b) Prepare the retained earnings portion of the statement of changes in equity for the year ended June 30, 2014.
(c) Prepare an income statement for the year ended June 30, 2014, using the single-step format and showing expenses by nature.


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  • CreatedSeptember 18, 2015
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