- 7 320 6 000 9 000 8 000 50 000 Ch4 H W 1 Income Statement Retained Earnings Presented Below Is Information Related 1 (85.23 KiB) Viewed 33 times
- 7 320 6 000 9 000 8 000 50 000 Ch4 H W 1 Income Statement Retained Earnings Presented Below Is Information Related 2 (85.23 KiB) Viewed 33 times
7,320 6,000 9,000 8,000 $50,000 Ch4 H.W(1): (Income Statement, Retained Earnings) Presented below is information related to Intalio Corporation at December 31, 2018. Sales revenue $2,420,500 Property tax expense (100% Sales discounts 25,500 administrative) Sales returns and allowances 55,000 Bad debt expense (100% selling) Cost of goods sold 750,000 Maintenance expense Salaries and wages expense 60,000 (100% administration) (85% sales) Office expenses Sales commissions 100,000 unrealized gain on non-trading Travel expense (90% 22,000 equity securities salespersons) Dividend revenue Delivery expense 18,000 Interest expense Entertainment expenses (75% 12,000 Utilities expense (50% Sales) administrative) Loss on sale of old furniture Telephone and Internet expense 10,000 Interest revenue (100% sales) Depreciation overstatement Depreciation expense (sales 5,000 due to error-2017 (net of tax) equipment) gain on the disposition of the Maintenance and repairs expense 6,000 global division (net of tax) (90%sales) Loss on operation of the global Miscellaneous selling 4,500 division (net of tax) expenses(80% sales) Dividends declared on preference Supplies expense (100% 3,450 shares Administrative) Dividends declared on ordinary Telephone and Internet expense 2,820 shares (100% administration) Retained earnings at January 1, Depreciation expense office 7,250 2018 furniture and equipment) Ordinary share outstanding 40,000 18.000 8,000 2,000 1,000 20,000 12,000 30,000 10,000 50,000 350,000 100,000 Requirements 1- Prepare the comprehensive income statement (one statement approach) for the year ended June 30, 2018 2- Prepare the retained earnings statement Assume the company had $35,000.