View Policies Show Attempt History Current Attempt in Progress The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2020: Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administration expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares $1,075,300 6,300 23,000 6.100 397,861 254,139 95,000 88,000 17,700 57,600 16,900 21.900 Prepare a single-step statement of income for the year ended April 30, 2020. Riddell Ltd. Statement of Income For the Year Ended April 30, 2020 Revenues Sales Revenue 1,075,300 Interest Revenue 6,300 Total Revenues 1,081,600 Expenses Cost of Goods Sold 397,861 Distribution Expenses 254,139 i Administration Expenses 95,000 88.000 Depreciation Expense 213.000 Utilities Expense Insurance Expense 6.100 Question 2 of 5 Your answer is partially correct. Prepare a multi-step statement of income for the year ended April 30, 2020. Riddell Ltd. Statement of Income For the Year Ended April 30, 2020 Sales Revenue $ 1,075,300 Cost of Goods Sold 397,861 Gross Profit 677,439 Operating Expenses Distribution Expenses 254 139 Administration Expenses 95.000 i Utilities Expense 23.000 i Insurance Expense 6.100 Denreciation Finense 8.9.000 Question 2 of 5 Insurance Expense 6,100 2 Depreciation Expense 88,000 i Total Operating Expenses