Question

The adjusted trial balance for Oriole Company is given in below. Oriole Company Trial Balance August 31, 2020 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. Cash €10,100 €10,100 Accounts Receivable 8,900 10,000 Supplies 2,500 500 Prepaid Insurance 3,800 2,500 Equipment 13,500 13,500 Accumulated Depreciation-Equipment € 3,400 € 4,600 Accounts Payable 5,700 5,700 Salaries and Wages Payable 1,500 Unearned Rent Revenue 1,400 800 Share Capital-Ordinary 10,800 10,800 Retained Earnings 4,400 4,400 Service Revenue 33,900 35,000 Rent Revenue 11,200 11,800 Salaries and Wages Expense 16,900 18,400 Supplies Expense 2,000 Rent Expense 15,100 15,100 Insurance Expense 1,300 Depreciation Expense 1,200 €70,800 €70,800 €74,600 €74,600

Answer 1

46,800 Oriole Company Income Statement For the Year Ended August 31, 2020 Revenue Service Revenue 35.000 Rent expense 11.800 Total revenue Expenses Salaries and Wages expenses 18,400 Supplies Expense 2,000 Rent Expense 15.100 Insurance Expense 1,300 Depreciation Expense 1.200 Total expenses Net Income 38,000 8,800 Oriole Company Retained Earnings Statement For the Year Ended August 31, 2020 Beginning Balance of retained Earnings Add: Net Income Ending Balance of Retained earnings 4,400 8,800 13,200

8,900 10,100 10,000 500 2,500 32,000 Oriole Company Statement of Financial Position As on August. 31,2020 Assets Equipment 13,500 Less: Accumulated Depreciation - Equipment 4,600 Cash Accounts Receivables Supplies Prepaid Insurance Total Assets Equity and Liabilities Equity Share Capital-Ordinary 10.800 Retained Earnings 13,200 Total Equity Liabilities Accounts Payable 5,700 Salaries and Wages Payabe 1,500 Unearned Rent Revenue 800 Total Liabilities Total Equity and Liabilities 24,000 8,000 32,000