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  • The Following Information Was Taken From Egeland LTD S Adjusted Trial PDF

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    Egeland Ltd's adjusted trial balance for July 31, 2016 showed sales revenue of $2.8 million and costs including $1.56 million for cost of goods sold and $414,000 for distribution expenses. Other figures provided were interest expense of $44,000, depreciation of $216,000, administration expenses of $279,000, and income tax expense of $44,000.

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    Egeland Ltd's adjusted trial balance for July 31, 2016 showed sales revenue of $2.8 million and costs including $1.56 million for cost of goods sold and $414,000 for distribution expenses. Other figures provided were interest expense of $44,000, depreciation of $216,000, administration expenses of $279,000, and income tax expense of $44,000.

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    The Following Information Was Taken From Egeland LTD S Adjusted Trial PDF

    Uploaded by

    Let's Talk With Hassan
    Egeland Ltd's adjusted trial balance for July 31, 2016 showed sales revenue of $2.8 million and costs including $1.56 million for cost of goods sold and $414,000 for distribution expenses. Other figures provided were interest expense of $44,000, depreciation of $216,000, administration expenses of $279,000, and income tax expense of $44,000.

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    © All Rights Reserved
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    The following information was taken from Egeland Ltd s

    adjusted trial #166


    The following information was taken from Egeland Ltd.’s adjusted trial balance as at July 31,
    2016:Sales revenue....................... $2,788,800Interest expense....................... 44,000Cost of
    goods sold.................... 1,556,000Sales discounts....................... 16,000Depreciation
    expense.................... 216,000Distribution expenses.................... 414,000Administration
    expenses................. 279,000Sales returns and allowances.............. 64,000Interest
    revenue....................... 19,200Income tax expense.................... 44,000Dividends
    declared—Common shares........... 30,000Dividends declared—Preferred shares...........
    15,000Required: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

    ANSWER
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