Exercise 2-05 These items are taken from the financial statements of Oriole Company at December 31, 2022. Buildings $93,104 Accounts receivable 11,088 Prepaid insurance 2,816 Cash 10,419 Eqpipment 72,512 Land 53,856 Insurance expense 686 Depreciation expense 4,664 Interest expense 2,288 Common stock 52,800 Retained earnings (January 1, 2022) 35,199 Accumulated depreciation-buildings 40,128 Accounts payable 8,360 Notes payable 82,368 Accumulated depreciation-equipment 16,474 Interest payable 3,168 Service revenue 12.936 Problem 2-05A a The following are financial statements of Carla Vista Co.. Carla Vista Co. Income Statement For the Year Ended December 31, 2022 Net sales Cost of goods sold Selling and administrative expenses Interest expense Income tax expense Net income $2,247,500 1,018,500 901,000 82,000 75,000 $ 171,000 $ 56,300 81,000 169,500 118,900 00 425,700D 574,000 $ 999,700 Carla Vista Co. Balance Sheet December 31, 2022 Assets Current assets Cash Debt investments Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 161,000 37,000 198,000 201,880 399,880 355,000 244,820 599,820 $999,700 Exercise 2-05 These items are taken from the financial statements of Oriole Company at December 31, 2022. Buildings $93,104 Accounts receivable 11,088 Prepaid insurance 2,816 Cash 10,419 Eqpipment 72,512 Land 53,856 Insurance expense 686 Depreciation expense 4,664 Interest expense 2,288 Common stock 52,800 Retained earnings (January 1, 2022) 35,199 Accumulated depreciation-buildings 40,128 Accounts payable 8,360 Notes payable 82,368 Accumulated depreciation-equipment 16,474 Interest payable 3,168 Service revenue 12.936 Problem 2-05A a The following are financial statements of Carla Vista Co.. Carla Vista Co. Income Statement For the Year Ended December 31, 2022 Net sales Cost of goods sold Selling and administrative expenses Interest expense Income tax expense Net income $2,247,500 1,018,500 901,000 82,000 75,000 $ 171,000 $ 56,300 81,000 169,500 118,900 00 425,700D 574,000 $ 999,700 Carla Vista Co. Balance Sheet December 31, 2022 Assets Current assets Cash Debt investments Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 161,000 37,000 198,000 201,880 399,880 355,000 244,820 599,820 $999,700
