At December 31, 2021, the adjusted trial balance for Strynaster Ltd., for the fiscal year, had...

 

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At December 31, 2021, the adjusted trial balance for Strynaster Ltd., for the fiscal year, had the following information: Accounts payable Accounts receivable Accumulated depr Building Accumulated depr-Furniture Administrative expenses Allowance for doubtful accounts Bad debt expense Bank loan payable Building Cash Common shares Cost of goods sold Depreciation expense Dividends Freight out Furniture Notes: • Required (parts a, b, c, d, e & f): a) b) c) d) c) f) $44,000 Gain on sale of land $70,000 Z Income tax expense Income tax payable Interest expense Interest income $10,000 $12.000 $11,000 Interest payable Inventory Land Prepaid expenses $30,000 Retained earnings, opening $2,900 $3,100 $145,000 $105,000 $22,000 2 Sales $80,000 Sales discounts $2,500 2 Sales returns and allowances $6,500 Z Selling expenses $11,500 $100,000 Unearned revenue Utilities Strynaster Ltd. uses IFRS. Assume that $35,000 of the bank loan payable will be paid in 2022. • During the year the company issued 1,000 common shares for $10,000 in total. • All accounts are in their usual normal balance. Prepare a multiple-step income statement in good form. Prepare a statement of changes in equity in good form. Prepare a classified balance sheet (statement of financial position) in good form. What is the company's gross profit margin? $5,000 $8,800 $3,000 $18,800 $1,000 $2,500 $25,000 $200,000 $8,900 $240,000 $195,000 $950 $50 $3,200 $3,500 $600 What is the company's profit margin? Does this company use a perpetual or periodic inventory system? How do you know? At December 31, 2021, the adjusted trial balance for Strynaster Ltd., for the fiscal year, had the following information: Accounts payable Accounts receivable Accumulated depr Building Accumulated depr-Furniture Administrative expenses Allowance for doubtful accounts Bad debt expense Bank loan payable Building Cash Common shares Cost of goods sold Depreciation expense Dividends Freight out Furniture Notes: • Required (parts a, b, c, d, e & f): a) b) c) d) c) f) $44,000 Gain on sale of land $70,000 Z Income tax expense Income tax payable Interest expense Interest income $10,000 $12.000 $11,000 Interest payable Inventory Land Prepaid expenses $30,000 Retained earnings, opening $2,900 $3,100 $145,000 $105,000 $22,000 2 Sales $80,000 Sales discounts $2,500 2 Sales returns and allowances $6,500 Z Selling expenses $11,500 $100,000 Unearned revenue Utilities Strynaster Ltd. uses IFRS. Assume that $35,000 of the bank loan payable will be paid in 2022. • During the year the company issued 1,000 common shares for $10,000 in total. • All accounts are in their usual normal balance. Prepare a multiple-step income statement in good form. Prepare a statement of changes in equity in good form. Prepare a classified balance sheet (statement of financial position) in good form. What is the company's gross profit margin? $5,000 $8,800 $3,000 $18,800 $1,000 $2,500 $25,000 $200,000 $8,900 $240,000 $195,000 $950 $50 $3,200 $3,500 $600 What is the company's profit margin? Does this company use a perpetual or periodic inventory system? How do you know?

Answer rating: 100% (QA)

a Multiplestep income statement for Strynaster Ltd for the fiscal year ended December 31 2021 Sales revenue 240000 Less Sales discounts 2500 Sales ret... View the full answer