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The following information is available for Oriole Corporation for the year ended December 31, 2020: sales...

The following information is available for Oriole Corporation for the year ended December 31, 2020: sales revenue $815,000, other revenues and gains $94,000, operating expenses $117,000, cost of goods sold $460,000, other expenses and losses $34,500, and preferred stock dividends $34,125. The company’s tax rate was 35%, and it had 65,000 shares outstanding during the entire year. Prepare a corporate income statement. (List other revenues before other expenses.)

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Oriole Corporation
Income Statement
For the Year Ended December 31, 2020
$
Sales revenue     815,000.00
Cost of goods sold    (460,000.00)
Gross profit     355,000.00
Operating Expense    (117,000.00)
Income from Operations     238,000.00
Other Revenues & Gains       94,000.00
Other Expenses & Losses     (34,500.00)
Income Before Income Taxes     297,500.00
Income Tax Expenses ($297,500 x 35%)    (104,125.00)
Net Income     193,375.00
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