the following information was taken from riddell ltd s adjusted trial balance as at 4375573

The following information was taken from Riddell Ltd’s adjusted trial balance as at April 30, 2016: Sales revenue……………….. $1,045,800 Interest revenue………………….. 7,200 Sales returns and allowances…………….. 24,000 Sales discounts………………….. 6,000 Cost of goods sold………………….. 396,000 Distribution expenses……………….. 230,250 Administration expenses……………….. 90,250 Depreciation expense……………….. 81,000 Interest expense………………….. 16,500 Income tax expense………………. 56,700 Dividends declared—Common shares………….. 15,000 Dividends declared—Preferred shares………….. 20,000 Required: 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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