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Current Attempt in Progress The information below relates to the operations of Oriole Corporation, a private company following ASPE, for the year ended December 31,
Current Attempt in Progress The information below relates to the operations of Oriole Corporation, a private company following ASPE, for the year ended December 31, 2020: Cost of goods sold $347,000 Interest expense 2,570 Sales returns and allowances 8,750 Accounts payable 120,098 Sales discounts 3,692 Depreciation expense 284,580 Sales revenue 982,436 Salaries and wages expense 163,832 Prepaid expenses 3,250 Rent expense 35,500 Loss from fire 8,298 Rental revenue 21,506 Additional information: The effective tax rate is 40%. . Depreciation expense: 60% administrative expense and 40% selling expense . Salaries and wages expense: 55% administration expense and 45% selling expense . Rent expense: 65% administration expense and 35% selling expense Prepare a multiple-step income statement in good form by function. (Enter selling expenses before administrative expenses. Round answers to 0 decimal places, e.g. 5,275.) Oriole Corporation Income Statement Oriole Corporation Income Statement $ $ S ( 8 $
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