the following information was taken from egeland ltd s adjusted trial balance as at 4375572

The following information was taken from Egeland Ltd.’s adjusted trial balance as at July 31, 2016: Sales revenue………………….. $2,788,800 Interest expense………………….. 44,000 Cost of goods sold……………….. 1,556,000 Sales discounts………………….. 16,000 Depreciation expense……………….. 216,000 Distribution expenses……………….. 414,000 Administration expenses…………….. 279,000 Sales returns and allowances………….. 64,000 Interest revenue………………….. 19,200 Income tax expense……………….. 44,000 Dividends declared—Common shares……….. 30,000 Dividends declared—Preferred shares……….. 15,000 Required: a. Prepare a single-step statement of income for the year ended July 31, 2016. b. Prepare a multi-step statement of income for the year ended July 31, 2016. c. Determine Egeland’s gross margin percentage for the year. d. If Egeland had 80,000 common shares outstanding throughout the year, determine the company’s basic earnings per share. View Solution:
The following information was taken from Egeland Ltd s adjusted trial

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