The following information was taken from Riddell Ltd s

adjusted trial #165

The following information was taken from Riddell Ltd’s adjusted trial balance as at April 30,
2016:Sales revenue.................... $1,045,800Interest revenue....................... 7,200Sales returns
and allowances................. 24,000Sales discounts....................... 6,000Cost of goods
sold....................... 396,000Distribution expenses.................... 230,250Administration
expenses.................... 90,250Depreciation expense.................... 81,000Interest
expense....................... 16,500Income tax expense................... 56,700Dividends
declared—Common shares.............. 15,000Dividends declared—Preferred shares..............
20,000Required:a. Prepare a single-step statement of income for the year ended April 30,
2016.b. Prepare a multi-step statement of income for the year ended April 30, 2016.c.
Determine Riddell’s gross margin percentage for the year.d. If Riddell had 35,000 common
shares outstanding throughout the year, determine the company’s basic earnings per
share.View Solution:
The following information was taken from Riddell Ltd s adjusted trial

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