Question

Question 10 View Policies Current Attempt in Progress (a) Here are incomplete financial statements for Oriole Company: Calculate the missing amounts ORIOLE COMPANY Balance Sheet February 28, 2021 Liabilities and Owner's Equity Assets $9.428 Liabilities Cash 5.309 Notes payable Accounts receivable $25.973 Land Accounts payable Building and equipment 41343 Total liabilities 43721 Total assets M.Oriole. Capital Total labilities and owner's S90.933 equity ORIOLE COMPANY Income Statement Year Ended February 28, 2021 Revenues Service revenues $94815 Expenses $31.982 Salaries expense Other expenses Supplies expense 1.340 Total expenses 59,437 Proft ORIOLE COMPANY Statement of Owner's Equity Year Ended February 28, 2021 M.Oriole, capital, March 1, 2020 $21.824 Add: Investments Profit 62432 Less: M. Oriole, drawings S MOriole, capital, February 28, 2021 Save for Later

Answer 1

ORIOLE, INC
Statement of Financial Position
February 28, 2021
Assets		Liabilities and Owner's Equity
Cash	$9,428	Liabilities:
Accounts receivable	$5,309	Notes payable	$25,973
Land          [$90,933 - $9,428 - $5,309 - $41,343]	$34,853	Accounts payable   [$43,721 - $25,973]	$17,748
Buildings and Equipment	$41,343	Total liabilities	$43,721
		Shareholders' equity:
		M. Oriole Capital   [Total liabilities and Owner's equity - Total liabilities = $90,933 - $43,721]	$47,212
Total assets      [Is equal to total liabilities and Owner's equity]	$90,933	Total liabilities and Owner's equity	$90,933

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ORIOLE, INC
Income Statement
Year Ended February 28, 2021
Revenue
Service revenue		$94,815
Expenses:
Salaries expenses	$31,982
Other expenses          [Total expenses - Salaries expense - Other expense = $59,437 - $31,982 - $1,340]	$26,115
Supplies expenses	$1,340
Total expenses		$59,437
Profit                             [Total revenues - Total expenses = $94,815 - $59,437]		$35,378

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ORIOLE, INC
Statement of Owner's Equity
Year Ended February 28, 2021
M. Oriole Capital, March 1, 2021	$21,824
Add: Investment                                   [$62,432 - $35,378 - $21,824]	$5,230
Profit                                           [Refer the income statement]	$35,378
	$62,432
Less: M. Oriole drawings                     [$62,432 - $47,212]	$15,220
M. Oriole Capital, February 28, 2021   [Refer the balance sheet]	$47,212