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.) $ >

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.

Polis Corp.'s trial balance at December 31, 2023 is properly adjusted except for the income tax expense adjustment. Polis Corp. Trial Balance December 31, 2023 Cash$   337,500 Accounts Receivable (net)1,447,500 Inventory1,192,500 Property, plant & equipment (net)4,183,000 Accounts payable & accrued liabilities $   990,500Income taxes payable 342,500Future income tax liability 37,500Common shares 1,675,000Contributed surplus 1,340,000Retained earnings, Jan 1, 2023 2,325,000Net sales & other revenues 6,180,000Costs & expenses5,040,000 Income tax expenses689,500      Total$12,890,000$12,890,000   Other financial data for the year ended December 31, 2023: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2025. The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current…

Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2023 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $37,000 During 2024, credit sales were $1,785,000, cash collections from customers $1,865,000, and $42,000 in accounts receivable were written off. In addition, $3,700 was collected from a customer whose account was written off in 2023. An aging of accounts receivable at December 31, 2024, reveals the following: Age Group 0-60 days 61-90 days 91-120 days Over 120 days Percentage of Year- End Receivables in Group 60% 10 20 10 $ 467,000 Percent Uncollectible 38 5 25 45 Required: 1. Prepare summary journal entries to account for the 2024 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the…

Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2023 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $50,000 During 2024, credit sales were $1,850,000, cash collections from customers $1,930,000, and $59,000 in accounts receivable were written off. In addition, $5,000 was collected from a customer whose account was written off in 2023. An aging of accounts receivable at December 31, 2024, reveals the following: Age Group 0-60 days 61-90 days 91-120 days Over 120 days Percentage of Year- End Receivables in Group 65% 15 15 5 Percent Uncollectible 4% 10 30 50 $ 532,000 Required: 1. Prepare summary journal entries to account for the 2024 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the…

Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2023 balance sheet disclosed the following Current asseter Receivables, set of allowance for uncollectible accounts of $32,000 During 2024, credit sales were $1760,000, cash collections from customers $1,840,000, and $37,000 in accounts receivable were written off. In addition, $3,200 was collected from a customer whose account was written off in 2023. An aging of accounts receivable at December 31, 2024, reveals the following: Age Group 0-60 days 61-30 days 91-120 days Over 120 days Percentage of Year- End Receivables in Group 458 10 20 Percent collectible 10 35 50 5442,000 Required: 1. Prepare summary journal entries to account for the 2024 write-offs and the collection of the receivable previously written off 2. Prepare the year-end adjusting entry for bad debts according to each of the following…