The following account balances were included in the trial balance of Novak Corporation at June 30, 2025. Depreciation expense (office furniture and equipment) Sales revenue $1,592,670 Sales discounts 31,900 Property tax expense Cost of goods sold 899,200 Bad debt expense (selling) Salaries and wages expense (sales) 57,010 Maintenance and repairs expense (administration) Sales commissions 98,990 Office expense Travel expense (salespersons) 31,000 Sales returns and allowances Delivery expense 23,270 Dividends revenue Entertainment expense 14,950 Interest expense Telephone and Internet expense (sales) 9,140 Income tax expense Depreciation expense (sales equipment) 5,013 Depreciation understatement due to error-2025 (net of tax) Maintenance and repairs expense (sales) 6,043 Dividends declared on preferred stock Miscellaneous selling expenses 4,798 Dividends declared on common stock Office supplies used 3,206 Telephone and Internet expense (administration) 2,954 The Retained Earnings account had a balance of $337,480 at July 1, 2024. There are 87,000 shares of common stock outstanding. (a1) Using the multiple-step form, prepare an income statement for the year ended June 30, 2025. (Round earnings per share to 2 decimal places, e.g. 1.48.) $ >

The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Account Title                                                             Debits               CreditsSales revenue                                                                                $2,300,000Cost of goods sold                                                $1,400,000Selling and administrative expense                           420,000Interest expense                                                          40,000Gain on debt securities                                                                       80,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor’s income tax rate is 25%. There were 1,000,000 shares of common stock outstanding throughout 2021.Required:Prepare a single, continuous multiple-step statement of…

On January 1, 2020, the records of ABC Company showed a debit balance of P650,000 in its Accounts Receivable account. The following summary transactions that occurred during 2020 were also shown under the said account: Debits:Charge sales, P6,300,000Shareholders’ subscriptions, P200,000Deposit on contract, P120,000Claims against common carrier for shipping damages, P100,000IOUs from employees, P10,000Cash advances to affiliates, P150,000Advances to a supplier, P30,000Credits:Collections from customers, P5,300,000Write-off, P35,000Merchandise returns, P45,000Allowances to customers for shipping damages, P25,000Collections on carrier claims, P40,000Collections on subscriptions, P50,000Required:a. Determine the correct amount of accounts receivable.b. Compute the amount to be presented as “trade and other receivables” under current assets.

Emmanuel, Inc. reported the following items in its December 31, 2021 trial balance: Accounts payable – P1,000,000; Accounts receivable – 45,000; Unearned rent revenue – P288,000; Withholding tax payable – P258,000; Reserves – P75,000; Bonds payable due in 2025 – P5,000,000; Accrued interest expense - P225,000; Trademark – P390,000. How much should Emmanuel report as total liabilities in its December 31, 2021 statement of financial position? A. 6,771,000 B. 6,891,000 C. 6,846,000 D. 6,666,000

Shown below is an income statement for 2025 that was prepared by a poorly trained bookkeeper of Sheridan Corporation. Sheridan Corporation Sales revenue Investment revenue Cost of goods sold Selling expenses Administrative expenses Interest expense Income before special items INCOME STATEMENT December 31, 2025 $826,000 21,700 (405,000) (145,400) (192,400) (13,700) 91,200 Special items Loss on disposal of a component of the business (43,000) Net federal income tax liability Net income (9,640) $38,560 Prepare a multiple-step income statement for 2025 for Sheridan Corporation according to generally accepted accounting principles (including format and terminology). Sheridan Corporation has 50,000 shares of common stock outstanding and has a 20% federal income tax. (List Other revenues before Other expenses. Round per share values to 2 decimal places, eg. $2.50)

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Paris Company's trial balance of profit or loss accounts for the year ended December 31, 2021 included the following:   DEBIT CREDIT Sales   P2,500,000 Cost of Sales P1,600,000   Administrative Expenses 150,000   Loss on Sale of Equipment 90,000   Salesmen's Commission 100,000   Interest Revenue   50,000 Freight-out 30,000   Loss on Condemnation of Asset 100,000   Bad Debts Expense 30,000     P2,100,000 P2,550,000   Other Information: Finished goods inventory, Jan, 1 - P1,000,000; Finished Goods Inventory, Dec. 31 - P900,000   What was Paris Company's profit before tax?

The following information was extracted from the records of Lodh Ltd for the year ended 30 June 2021. Lodh LTD Statement of financial position (extract) As at 30 June 2021 Assets         Accounts Receivable   $50,000     Allowance for doubtful debts   (4,000) $46,000           Plant   200,000     Accumulated depreciation - Plant   (50,000) 150,000         Liabilities       Interest Payable     2,000 Provision for long service leave     10,000   Additional information ·                The accumulated tax depreciation for machines at 30 June 2021 was $66 667. ·                Long service leave has not been taken by any employee during the year. ·                The tax rate is 30%. Required Prepare a (partial) deferred tax worksheet to identify the TTD and DTD from the above information [You are required to input CA (Carrying Amount) and TB (tax Base) only in the response…

The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corporation: sales revenue, $325,000; cost of goods sold, $168,000; salaries expense, $45,000; rent expense, $20,000; depreciationexpense, $30,000; and miscellaneous expense, $12,000. Prepare an income statement for 2021.

Malbright is a limited liability company. The following trial balance for the year ended 31 October 20X7 is presented below: Buildings at cost Buildings accumulated depreciation as at 1 November 20X6 Plant at cost Plant accumulated depreciation as at 1 November 20X6 Overdraft at bank Revenue Purchases Inventory as at 1 November 20X6 Cash Payables Receivables Allowance for receivables as at 1 November 20X6 Administrative expenses Retained earnings as at 1 November 20X6 Share capital Share premium account The following additional information is also available: (i) Dr $000 740 220 1,140 160 20 320 325 2,925 The allowance for receivables is to be increased to 5% of the receivables balance. Cr $000 60 110 70 1,800 250 10 130 415 80 2,925