Homework Answers
| Oriole Company | ||
| Income statement | ||
| For the year month ended July Ended 2020 | ||
| Revenues: | ||
| Service Revenue | 6,600 | |
| Expenses: | ||
| Insurance Expense | 500 | |
| Supplies expense | 950 | |
| Depreciation Expense | 150 | |
| Saalry Expense | 2,600 | |
| Utilities Expense | 500 | |
| Total Expenses | 4,700 | |
| Net Income/(Loss) | 1,900 | |
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The income statement of Oriole Company for the month of July shows net income of $2,100...
Exercise 4-13 The income statement of Oriole Company for the month of July shows net income...
Exercise 4-13 The income statement of Oriole Company for the month of July shows net income of $3,820 based on Service Revenue $7,800, Salaries and Wages Expense $2,290, Supplies Expense $920, and Utilities Expense $770. In reviewing the statement, you discover the following: 1. Insurance expired during July of $520 was omitted. 2. Supplies expense includes $290 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $150 was omitted. 4. Accrued but unpaid wages...
Exercise 4-13 The income statement of Sheridan Company for the month of July shows net income...
Exercise 4-13 The income statement of Sheridan Company for the month of July shows net income of $3,480 based on Service Revenue $7,890, Salaries and Wages Expense $2,860, Supplies Expense $940, and Utilities Expense $610. In reviewing the statement, you discover the following: 1. Insurance expired during July of $470 was omitted. 2. Supplies expense includes $410 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $150 was omitted. 4. Accrued but unpaid wages...
The income statement of Montee Co. for the month of July shows net income of $1,400...
The income statement of Montee Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following. 1. Insurance expired during July of $400 was omitted. 2. Supplies expense includes $250 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $150 was omitted. 4. Accrued but unpaid salaries and wages...
The income statement of Gopitkumar Co. for the month of July shows net income of $1,400...
The income statement of Gopitkumar Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utities Expense $600. In reviewing the statement, you discover the following. 1. 2. 3. 4. 5. Insurance expered during July of $400 was omitted Supplies expense includes $250 of supplies that are still on hand at July 31. Depreciation on equipment of $150 was omitted. Accrued but unpaid salaries and...
Question 3 of 5 -17 III The income statement of Sandhill Co. for the month of...
Question 3 of 5 -17 III The income statement of Sandhill Co. for the month of July shows net income of $4,140 based on Service Revenue $8,110, Salaries and Wages Expense $2,350, Supplies Expense $940, and Utilities Expense $680. In reviewing the statement, you discover the following: 1 2. 3. Insurance expired during July of $530 was omitted. Supplies expense includes $300 of supplies that are still on hand at July 31. Depreciation on equipment of $340 was omitted. Accrued...
The Income Statement for Karima Pty Ltd for the month of September, 2020 showed profit of...
The Income Statement for Karima Pty Ltd for the month of September, 2020 showed profit of $1,400 based on Services Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Electricity Expense $600. In reviewing this information you discover: 1. $400 Insurance had expired, and this has not been deducted from the Prepaid Insurance account. 2. Supplies expense included $300 which was actually on hand at 30 September 3. Depreciation on Equipment of $250 was omitted 4. Accrued wages as at...
Prepare an income statement for the year. Oriole Company did not issue any new stock during the year.
These financial statement items are for Oriole Company at year-end, July 31, 2022.Salaries and wages payable$ 3,800Salaries and wages expense58,600Supplies expense17,100Equipment17,940Accounts payable3,900Service revenue67,200Rent revenue10,000Notes payable (due in 2025)3,000Common stock16,000Cash33,660Accounts receivable11,000Accumulated depreciation—equipment7,200Dividends4,000Depreciation expense4,000Retained earnings (beginning of the year)35,200Prepare 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 COMPANYIncome Statementchoose the accounting period ...
The adjusted trial balance for Oriole Company is given in below. Oriole Company Trial Balance August...
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...
Exercise 3-18 a-c (Video) The adjusted trial balance for Oriole Company is shown below. ORIOLE COMPANY...
Exercise 3-18 a-c (Video) The adjusted trial balance for Oriole Company is shown below. ORIOLE COMPANY Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,000 10,000 $10,000 9,000 2,500 3,800 14,300 500 2,500 14,300 $ 3,500 5,700 $ 4,400 5,700 0 Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Owner's Capital Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance...
Here are incomplete financial statements for Oriole Company. Calculate the missing amounts. / ORIOLE COMPANY Balance...
Here are incomplete financial statements for Oriole Company. Calculate the missing amounts. / ORIOLE COMPANY Balance Sheet Assets Cash $30,000 Supplies Equipment (net) 62,800 Total assets (b) Liabilities and Stockholders' Equity Liabilities $23,500 Notes payable Stockholders' Equity Common stock 36,400 Retained earnings Total liabilities and stockholders' equity $ ORIOLE COMPANY ORIOLE COMPANY Income Statement Revenues $54,000 Depreciation expense Salaries and wages expense 10,100 Interest expense 1,400 Net income $25,800 ORIOLE COMPANY Retained Earnings Statement Beginning retained earnings $ Add: Net...
Exercise 4-13 The income statement of Oriole Company for the month of July shows net income of $3,820 based on Service Revenue $7,800, Salaries and Wages Expense $2,290, Supplies Expense $920, and Utilities Expense $770. In reviewing the statement, you discover the following: 1. Insurance expired during July of $520 was omitted. 2. Supplies expense includes $290 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $150 was omitted. 4. Accrued but unpaid wages...
The income statement of Montee Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following. 1. Insurance expired during July of $400 was omitted. 2. Supplies expense includes $250 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $150 was omitted. 4. Accrued but unpaid salaries and wages...
The income statement of Gopitkumar Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utities Expense $600. In reviewing the statement, you discover the following. 1. 2. 3. 4. 5. Insurance expered during July of $400 was omitted Supplies expense includes $250 of supplies that are still on hand at July 31. Depreciation on equipment of $150 was omitted. Accrued but unpaid salaries and...
Question 3 of 5 -17 III The income statement of Sandhill Co. for the month of July shows net income of $4,140 based on Service Revenue $8,110, Salaries and Wages Expense $2,350, Supplies Expense $940, and Utilities Expense $680. In reviewing the statement, you discover the following: 1 2. 3. Insurance expired during July of $530 was omitted. Supplies expense includes $300 of supplies that are still on hand at July 31. Depreciation on equipment of $340 was omitted. Accrued...
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...
Exercise 3-18 a-c (Video) The adjusted trial balance for Oriole Company is shown below. ORIOLE COMPANY Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,000 10,000 $10,000 9,000 2,500 3,800 14,300 500 2,500 14,300 $ 3,500 5,700 $ 4,400 5,700 0 Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Owner's Capital Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance...
Here are incomplete financial statements for Oriole Company. Calculate the missing amounts. / ORIOLE COMPANY Balance Sheet Assets Cash $30,000 Supplies Equipment (net) 62,800 Total assets (b) Liabilities and Stockholders' Equity Liabilities $23,500 Notes payable Stockholders' Equity Common stock 36,400 Retained earnings Total liabilities and stockholders' equity $ ORIOLE COMPANY ORIOLE COMPANY Income Statement Revenues $54,000 Depreciation expense Salaries and wages expense 10,100 Interest expense 1,400 Net income $25,800 ORIOLE COMPANY Retained Earnings Statement Beginning retained earnings $ Add: Net...
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