The following account balances were included in the adjusted trial balance of Interger Advisory Corporation at...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following account balances were included in the adjusted trial balance of Interger Advisory Corporation at November 30, 2021. Accounts are listed in alpahbetical order and all have normal balances. Accumuated depreciation, office equipment Accumuated depreciation, sales equipment Accumuated Other Comprehensive Income Allowance for doubtful accounts Cost of goods sold Common shares Depreciation, office equipment Depreciation, sales equipment Depreciation, understatement due to error - 2020 Dividend revenue Dividends declared on common shares Entertainment expense Freight out Gain on sale of land Interest expense Loss on disposal of discontinued operations - Pasay Division Miscellaneous operating administrative expenses Retained earnings Salaries and wages expense - office staff Sales commission expense Sales discounts Sales returns and allowances Sales revenue Supplies expense (administrative) Telephone and internet expense (administrative) Telephone and internet expense (sales) 50,000 160,000 324,000 5,000 3,000,956 908,000 20,300 13,944 49,560 106,400 25,200 41,496 81,004 156,800 50,400 98,000 13,202 431,200 157,528 273,280 42,000 174,440 5,399,800 9,660 7,896 25,284 Additional information: The company's income tax rate is 35%. On November 30, 2021 the number of common shares outstanding was 120,000 and there were no changes to common shares during the fiscal year. The depreciation was due to a missed month-end accrual entry at October 31, 2020. The company prepares financial statements in accordance with IFRS. Required: 0. Prepare a multi-step income statement in good form with all required disclosures by function and by nature for the year ended November 30, 2021. b. Prepare a statement of changes in equity in good form with all required disclosures for the year ended November 30, 2021. C. Prepare a single-step income statement in good form with all required disclosures by nature for the year ended November 30, 2021, assuming that the dividends declared account listed in the trial balance are for preferred shares instead of common shares. The following account balances were included in the adjusted trial balance of Interger Advisory Corporation at November 30, 2021. Accounts are listed in alpahbetical order and all have normal balances. Accumuated depreciation, office equipment Accumuated depreciation, sales equipment Accumuated Other Comprehensive Income Allowance for doubtful accounts Cost of goods sold Common shares Depreciation, office equipment Depreciation, sales equipment Depreciation, understatement due to error - 2020 Dividend revenue Dividends declared on common shares Entertainment expense Freight out Gain on sale of land Interest expense Loss on disposal of discontinued operations - Pasay Division Miscellaneous operating administrative expenses Retained earnings Salaries and wages expense - office staff Sales commission expense Sales discounts Sales returns and allowances Sales revenue Supplies expense (administrative) Telephone and internet expense (administrative) Telephone and internet expense (sales) 50,000 160,000 324,000 5,000 3,000,956 908,000 20,300 13,944 49,560 106,400 25,200 41,496 81,004 156,800 50,400 98,000 13,202 431,200 157,528 273,280 42,000 174,440 5,399,800 9,660 7,896 25,284 Additional information: The company's income tax rate is 35%. On November 30, 2021 the number of common shares outstanding was 120,000 and there were no changes to common shares during the fiscal year. The depreciation was due to a missed month-end accrual entry at October 31, 2020. The company prepares financial statements in accordance with IFRS. Required: 0. Prepare a multi-step income statement in good form with all required disclosures by function and by nature for the year ended November 30, 2021. b. Prepare a statement of changes in equity in good form with all required disclosures for the year ended November 30, 2021. C. Prepare a single-step income statement in good form with all required disclosures by nature for the year ended November 30, 2021, assuming that the dividends declared account listed in the trial balance are for preferred shares instead of common shares.
Expert Answer:
Answer rating: 100% (QA)
To fulfill the requirements of this question we will need to create the following financial statements based on the provided trial balance and the additional information a A multistep income statement ... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
Students also viewed these accounting questions
-
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...
-
The following account balances were included in the trial balance of Twain Corporation at June 30, 2019. The Retained Earnings account had a balance of $337,000 at July 1, 2018. There are 80,000...
-
(Multiple- and Single-step Income, Retained Earnings) The following account balances were included in the trial balance of J.R. Reid Corporation at June 30, 2004. The Retained Earnings account had a...
-
What favors the formation of continuous (dense) cleavage?
-
Use a graph to decide whether f is one-to-one. 16. f(x) = x + x 15. f(x) =x - x
-
A four-cylinder, four-stroke spark-ignition engine operates on the ideal Otto cycle with a compression ratio of 11 and a total displacement volume of 1.8 liter. The air is at 90 kPa and 50C at the...
-
Orbit Airways purchased a baggage-handling truck for $41,000. Suppose Orbit Airways sold the truck on December 31,2010, for $28,000 cash, after using the truck for two full years and accumulating...
-
Effect of order quantity on special order decision Lang Company made 100,000 electric drills in batches of 1,000 units each during the prior accounting period. Normally, Lang markets its products...
-
Traditional Management Accounting (TMA) Systems were used to suit traditional manufacturing systems. It uses broad arbitrary percentages to allocate costs including overhead costs. These costs are...
-
Ellipses Corp is a small business that operates in Herndon, VA. The company is located at10 Period Lane, Herndon, VA 20170. Its federal Employer Identification Number is 77-7777777, and its...
-
A supermarket sells two brands of granola: brand A at Sp per pound and brand B at Sq per pound. The daily demands x and y (in pounds) for brands A and B, respectively are given by the following...
-
In this discussion, we'll examine how Donald Trump's views have been disseminated across social media. In the following article, Dwoskin and Timberg (2020), discuss the causes and effects of the...
-
Frederick Corp. is a public company and has 1 0 0 , 0 0 0 common shares outstanding. In 2 0 1 7 , the company reported income from continuing operations before income tax of $ 2 , 7 1 0 , 0 0 0 ....
-
8. Fossils of prokaryotes go back billion years. a. 4.0 to 5.0 b. 3.5 to 4.0 c. 2.5 to 3.0 d. 2.2 to 2.7 9. Molds belong to which of the following groups of eukaryotic organisms? a. Protozoans b....
-
Max uses a Ford F-350 Truck (it is a dually with a lift kit and has a 6.7L Power Stroke Turbo Diesel engine; Gross Vehicle Weight = 9,900 pounds) 100% for business. He acquired and placed the vehicle...
-
DescriptionIn this Discussion Board, your group will answer one of the Discussion Question questions below. Each Group will post once (one post for the Group). To complete the assignment: go to the...
-
Pizza Hut is an American multinational restaurant chain and international franchise founded in 1958 in Wichita, Kansas by Dan and Frank Carney. Pizza Hut Bahrain uses 1000 pizza boxes every quarter....
-
The cost curve for the city water supply is C(Q) = 16 + 1/4 Q2, where Q is the amount of water supplied and C(Q) is the cost of providing Q acre-feet of water. (An acre-foot is the amount of water...
-
The following is the unadjusted trial balance for Rainbow Lodge Ltd. at its year end, May 31, 2018. The company adjusts its accounts monthly. Additional information: 1. An annual insurance policy was...
-
Gushoe Ltd. had the following selected opening account balances at the end of April 30: Cash $1,500; Accounts Receivable $1,800; and Accounts Payable $900. Transactions during the month of May are...
-
Fast Arrow Ltd. purchased a new bus on October 3, 2018, at a total cost of $165,000. Management is contemplating the merits of using the diminishing-balance or units-of-production methods of...
-
Your company sells \(\$ 100,000\) of goods and you collect sales tax of \(3 \%\). What current liability does the sale create? a. . Yone; you collected cash up front. b. Unearned revenue of \(\$...
-
At December 31, your company owes employees for three days of the five-day workweek. The total payroll for the week is \(\$ 8,000\). What journal entry should you make at December 31? a. Nothing,...
-
Payroll expenses include a. Salaries and wages b. Employee benefits c. Payroll taxes d. All of the above
Study smarter with the SolutionInn App