Peter’s Curling Inc. operates several curling centres (for games and equipment sales). The following transactions occurred in the month of October.

(a)	Peter’s collected $15,400 from customers for games played in October.
(b)	Peter’s sold $10,400 in curling equipment inventory; received $6,600 in cash and the rest on account; cost of sales is $6,400.
(c)	Peter’s received $4,600 from customers on account who purchased merchandise in September.
(d)	The curling league gave Peter’s a deposit of $5,100 for the upcoming fall season.
(e)	Peter’s paid $5,600 for the September electricity bill and received the October bill for $6,160 to be paid in November.
(f)	Peter’s paid $7,600 to employees for work in October.
(g)	Peter’s purchased $2,280 in insurance for coverage from October 1 to December 31.
(h)	Peter’s paid $2,800 to plumbers for repairing a broken pipe in the washrooms.

Prepare a statement of earnings for Peter’s Curling Inc. for the month of October 2017. Use an income tax rate of 40 percent.

Answer rating: 100% (QA)

statement of retained earnings Revenue 1540010400 25800 ... View the full answer