Prepare an income statement for the year. Oriole Company did not issue any new stock during the year.
These financial statement items are for Oriole Company at year-end, July 31, 2022.
| Salaries and wages payable | $ 3,800 | |
| Salaries and wages expense | 58,600 | |
| Supplies expense | 17,100 | |
| Equipment | 17,940 | |
| Accounts payable | 3,900 | |
| Service revenue | 67,200 | |
| Rent revenue | 10,000 | |
| Notes payable (due in 2025) | 3,000 | |
| Common stock | 16,000 | |
| Cash | 33,660 | |
| Accounts receivable | 11,000 | |
| Accumulated depreciation—equipment | 7,200 | |
| Dividends | 4,000 | |
| Depreciation expense | 4,000 | |
| Retained earnings (beginning of the year) | 35,200 |
Prepare an income statement for the year. Oriole Company did not issue any new stock during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
ORIOLE COMPANY | ||
|---|---|---|
$ | ||
$ | ||
$ | ||
$ | ||
Homework Answers
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Prepare an income statement for the year. Oriole Company did not issue any new stock during the year.
Cash + Accounts Receivable + Supplies + Equipment Accounts Payable Common Stock Retained Earnings = +...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
The items for the medical practice of Wildhorse, MD, are listed below. Retained earnings (October 1)...
The items for the medical practice of Wildhorse, MD, are listed
below.
Retained earnings (October 1)
$13,100
Common stock
33,000
Accounts payable
5,200
Equipment
33,000
Service revenue
29,000
Dividends
6,700
Insurance expense
4,400
Cash
10,200
Utilities expense
700
Supplies
2,600
Salaries and wages expense
9,900
Accounts receivable
10,300
Rent expense
2,500
Prepare an income statement for the month of October,
2022.
WILDHORSE, MD
Income Statement
For
the Month Ended October 31, 2022For the Year Ended October 31,
2022At October 31,...
Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported...
Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses $ 449 Research and development expense $ 109 Depreciation expense 90 Income tax expense 275 Sales revenue 5,619 Loss on disposal of plant assets 46 Interest expense 156 Cost of goods sold 3,060 Advertising expense 489 Rent expense 102 Sales returns and allowances 266 Utilities expense 57 Assume the marketing department has presented...
Cash + Accounts Receivable + Supplies + Equipment Accounts Payable Common Stock Retained Earnings = +...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
The completed financial statement columns of the spreadsheet for Bramble Company are as follows. Bramble Company...
The completed financial statement columns of the spreadsheet for Bramble Company are as follows. Bramble Company Worksheet For the Year Ended December 31, 2022 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 8,800 112 Accounts Receivable 10,800 130 Prepaid Insurance 2,900 157 Equipment 24,100 158 Accumulated Depreciation—Equip. 4,400 201 Accounts Payable 9,000 212 Salaries and Wages Payable 2,500 311 Common Stock 19,300 320 Retained Earnings 8,300 332 Dividends 19,000 400 Service Revenue 59,800 622...
On June 1, 2022, Sunland Company was started with an initial investment in the company of...
On June 1, 2022, Sunland Company was started with an initial investment in the company of $24,750 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: Cash $ 5,250 Notes payable $13,300 Accounts receivable 4,380 Accounts payable 880 Service revenue 8,100 Supplies expense 945 Supplies 2,373 Maintenance and repairs expense 680 Advertising expense 400 Utilities expense 220 Equipment...
Exercise 5-13 The trial balance of Skysong, Inc. at the end of its fiscal year, August...
Exercise 5-13
The trial balance of Skysong, Inc. at the end of its fiscal
year, August 31, 2022, includes these accounts: Beginning Inventory
$23,300; Purchases $186,330; Sales Revenue $192,400; Freight-In
$7,890; Sales Returns and Allowances $5,370; Freight-Out $3,100;
and Purchase Returns and Allowances $7,010. The ending inventory is
$22,000.
Prepare a cost of goods sold section (periodic system) for the year
ending August 31, 2022.
Skysong, Inc.
Income Statement
choose the accounting period
August 31, 2022For the Month Ended August...
Cullumber Department Store is located in midtown Metropolis. During the past several years, net income has...
Cullumber Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company’s fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance. Accounts Payable $ 75,800 Accounts Receivable 49,400 Accumulated Depreciation—Equipment 197,200 Cash 23,200 Common Stock 101,500 Cost of Goods Sold 1,768,470 Freight-Out 18,780 Equipment 460,970 Depreciation Expense 40,300 Dividends 34,800 Gain...
Problem 6-04A a The management of Metlock, Inc. asks your help in determining the comparative effects...
Problem 6-04A a
The management of Metlock, Inc. asks your help in determining
the comparative effects of the FIFO and LIFO inventory cost flow
methods. For 2022, the accounting records show these data.
Inventory, January 1 (14,500 units)
$ 58,000
Cost of 125,000 units purchased
550,600
Selling price of 98,000 units sold
750,000
Operating expenses
128,000
Units purchased consisted of 36,000 units at $4.20 on May 10;
63,000 units at $4.40 on August 15; and 26,000 units at $4.70 on...
Skysong Corporation had net sales of $2,404,500 and interest revenue of $37,700 during 2020. Expenses for...
Skysong Corporation had net sales of $2,404,500 and interest revenue of $37,700 during 2020. Expenses for 2020 were cost of goods sold $1,466,900, administrative expenses $214,700, selling expenses $284,600, and interest expense $47,200. Skysong’s tax rate is 30%. The corporation had 100,400 shares of common stock authorized and 70,220 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Skysong Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) SKYSONG CORPORATION Income Statement choose the...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
The items for the medical practice of Wildhorse, MD, are listed
below.
Retained earnings (October 1)
$13,100
Common stock
33,000
Accounts payable
5,200
Equipment
33,000
Service revenue
29,000
Dividends
6,700
Insurance expense
4,400
Cash
10,200
Utilities expense
700
Supplies
2,600
Salaries and wages expense
9,900
Accounts receivable
10,300
Rent expense
2,500
Prepare an income statement for the month of October,
2022.
WILDHORSE, MD
Income Statement
For
the Month Ended October 31, 2022For the Year Ended October 31,
2022At October 31,...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
Exercise 5-13
The trial balance of Skysong, Inc. at the end of its fiscal
year, August 31, 2022, includes these accounts: Beginning Inventory
$23,300; Purchases $186,330; Sales Revenue $192,400; Freight-In
$7,890; Sales Returns and Allowances $5,370; Freight-Out $3,100;
and Purchase Returns and Allowances $7,010. The ending inventory is
$22,000.
Prepare a cost of goods sold section (periodic system) for the year
ending August 31, 2022.
Skysong, Inc.
Income Statement
choose the accounting period
August 31, 2022For the Month Ended August...
Problem 6-04A a
The management of Metlock, Inc. asks your help in determining
the comparative effects of the FIFO and LIFO inventory cost flow
methods. For 2022, the accounting records show these data.
Inventory, January 1 (14,500 units)
$ 58,000
Cost of 125,000 units purchased
550,600
Selling price of 98,000 units sold
750,000
Operating expenses
128,000
Units purchased consisted of 36,000 units at $4.20 on May 10;
63,000 units at $4.40 on August 15; and 26,000 units at $4.70 on...
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