Question

You are provided with the following information for Oriole Company, effective as of its April 30, 2017, year-end. Accounts payable $ 849 Accounts receivable 1,000 Accumulated depreciation—equipment 670 Cash 1,460 Common stock 1,470 Cost of goods sold 1,075 Depreciation expense 320 Dividends 340 Equipment 2,610 Income tax expense 180 Income taxes payable 150 Insurance expense 225 Interest expense 415 Inventory 1,157 Land 3,290 Mortgage payable (long-term) 3,690 Notes payable (short-term) 251 Prepaid insurance 75 Retained earnings (beginning) 1,600 Salaries and wages expense 685 Salaries and wages payable 237 Sales revenue 5,290 Stock investments (short-term) 1,375. Prepare an income statement for Oriole Company for the year ended April 30, 2017. Prepare a retained earnings statement for Oriole Company for the year ended April 30, 2017. (List items that increase retained earnings first.) Prepare a classified balance sheet for Oriole Company as of April 30, 2017. (List current assets in order of liquidity.)

& could ever ask to History Bookmarks People Tab Window Help ! 10:00 * dada E 211 For each of the x DMC 101 Syllabus Sp20 sucher.edu/courses/8933/assignments/68816?module Jtem id-382938 6X GIRATEN 4 63x6 Wed Feb 12 € X DMC 101 Chasmar Syllabus 820 X + You are provided with the following information for Oriole Company, effective as of its April 30, 2017 year-end. Accounts payable Accounts receivable Accumulated depreciation equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Income tax expense Income taxes payable Insurance expense Interest expense Inventory Land Mortgage payable long-term) Notes payable (short-term) Prepaid insurance Retained earnings (beginning) Salaries and wages expense Salaries and wages payable Sales revenue Stock Investments (short-term) $ 849 1,000 670 1.460 1.470 1.075 320 340 2610 180 150 225 415 1.157 3.290 3.690 251 1.600 237 5.290 1.375 MacBook Pro C O Q Search or type URL

Answer 1

$ 5,290.00 INCOME STATEMENT REVENUES Sales Revenue EXPENSES Cost of Goods Sold $ Depreciation Expense $ Insurance Expense Interest Expense $ Salaries and wages Expenses $ Income Tax Expenses $ Total Expenses NET INCOME $ 1,075.00 320.00 225.00 415.00 685.00 180.00 2 $ $ 2,900.00 2,390.00 RETAINED EARNING STATEMENT Retained Earnings (beginning) Add: Net Incomes $ $ $ $ $ 1,600.00 2,390.00 3,990.00 340.00 3,650.00 Less: Dividend Paid Retained Earnings (ending) 5,067.00 1,940.00 3,290.00 10,297.00 BALANCE SHEET ASSETS Current Assets Cash $ 1,460.00 Stock Investment (Short Term) $ 1,375.00 Accounts Receivable $ 1,000.00 Inventory $ 1,157.00 Prepaid Insurance 75.00 Total Current Assets $ Equipment $ 2,610.00 Less: Accumulated Dep - Equipment $ 670.00 $ Land $ Total Assets $ LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities Accounts Payable $ 849.00 Income Tax Payable $ 150.00 Notes Payable (Short term) $ 251.00 Salaries and Wages Payable $ 237.00 Total Current Liabilities $ Non-current Liabilities Mortgage Payable (Long term) $ Total Liabilities $ Stockholder's Equity Common Stock $ 1,470.00 Retained Earnings $ 3,650.00 Total Stockholder's Equity $ Total Liabilities and Stockholder's Equity $ 1,487.00 3,690.00 5,177.00 5,120.00 10,297.00