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    Problems I: P4-5 Eamirrgr)

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    Amel Lia
    Trian Corporation's trial balance at June 30, 2010 included various revenue and expense accounts. An income statement and retained earnings statement need to be prepared for the year ended June 30, 2010 using the account balances provided. Revenues included sales less discounts, while expenses included costs of goods sold, various operating expenses, taxes, and depreciation. Retained earnings began at $337,000 on July 1, 2009 and there were 50,000 ordinary shares outstanding.

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    Problems I: P4-5 Eamirrgr)

    Uploaded by

    Amel Lia
    24 views1 page
    Trian Corporation's trial balance at June 30, 2010 included various revenue and expense accounts. An income statement and retained earnings statement need to be prepared for the year ended June 30, 2010 using the account balances provided. Revenues included sales less discounts, while expenses included costs of goods sold, various operating expenses, taxes, and depreciation. Retained earnings began at $337,000 on July 1, 2009 and there were 50,000 ordinary shares outstanding.

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    LAT-12-TWAIN-CORP

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    Trian Corporation's trial balance at June 30, 2010 included various revenue and expense accounts. An income statement and retained earnings statement need to be prepared for the year ended June 30, 2010 using the account balances provided. Revenues included sales less discounts, while expenses included costs of goods sold, various operating expenses, taxes, and depreciation. Retained earnings began at $337,000 on July 1, 2009 and there were 50,000 ordinary shares outstanding.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    24 views1 page

    Problems I: P4-5 Eamirrgr)

    Uploaded by

    Amel Lia
    Trian Corporation's trial balance at June 30, 2010 included various revenue and expense accounts. An income statement and retained earnings statement need to be prepared for the year ended June 30, 2010 using the account balances provided. Revenues included sales less discounts, while expenses included costs of goods sold, various operating expenses, taxes, and depreciation. Retained earnings began at $337,000 on July 1, 2009 and there were 50,000 ordinary shares outstanding.

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    I

    Problems L79

    t: P4-5 (Income Statement, Retained Eamirrgr) The follon ing account balances were included in the trial
    bal.lrce o{ Tn'ain CorForatisn at }unc 30,2010.
    Il

    Sales $1.578.500 Dspreciatirx of ofiice furniture


    $aloE discounts 31.'150 and eguipmont $ 7,2s0
    Cost ol gooxJs sold 896.770 Real ostat8 and other local taxe$ 7.32Q
    Sgles salaries 56,260 Bad dcbt expense-selling 4,850
    Sa{ree comrnissions 97,6S0 Building expe*se--prorated
    Travei expens**salesporsonc 28,930 to adrfiinietration s.130
    Fraight-out 21,44Q Miecellarnoua ollice expensee 6,000
    Eiltertainment expense 14.8t0 sahs returns 62.3@
    Telephone and lnt€rnet expense--sal€s s.030 Dividonds revenue 38,000
    Depreciation of salsa equipfllent 4.S80 80nd int€rsst rxp€nse 18,0m
    Buitding expen$s*prorated ts sales 6.200 lncome tax 102,000
    Miscsllaneous selling expens€s 4,715 Defi@iation undorstatGnlsfl t
    Ofrice supFriies used g.dS$ due to e$o{-2m7
    Taieprurs and lnlem€t expen$** Dividends declarcd on
    adrnifii$lration 2"820 prefarence shares
    Divideads dsclarEd on :,-
    ordinary shares 2; ann

    The Retained Earnings ar(ount hurd a balance of 5337,tXKl at )ulv 1" 20t19, There are $0,000 ordinary* I
    sharer outrtanding;.

    lndrur$mr
    Prep*re an ircome statem$nl and a retained eanrings statement fnr the vear ent{ed fune 30, ?010.

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