Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Given the following profit and loss statement for Oakdale Industries for May 2018 and the April 2018 balance sheet, complete accumulated depreciation, total assets, retained

image text in transcribedimage text in transcribedGiven the following profit and loss statement for Oakdale Industries for May 2018 and the April 2018 balance sheet, complete accumulated depreciation, total assets, retained earnings, and total liabilities and owners' equity in the May 2018 balance sheet. Oakdale Industries P&LShow long description Oakdale Industries Balance Sheet

Oakdale Industries Profit and Loss Statement May 2018 Sales Activities Gross Revenue Gross Profit $27,500$2,381$25,119$12,657$12,462 Operating Expenses Selling Expenses Overhead Expenses Depreciation Total Operating Expenses Operating Profit Interest Profit before Taxes Income Taxes \begin{tabular}{r} $605 \\ \hline$8,988 \\ \hline$3,474 \\ $576 \\ \hline$2,898 \\ $576 \end{tabular} Net Profit Oakdale Industries Balance Sheet Assets April 2018 May 2018 Current Assets Cash Accounts Receivable Inventory Total Current Assets \begin{tabular}{rr} $5,949 & $6,043 \\ $12,037 & $12,226 \\ $7,150 & $9,891 \\ $1,396 & $1,418 \\ \hline$26,533 & $29,578 \end{tabular} Long-Term Assets Plant, Property, and Equipment \begin{tabular}{rr} $20,001 & $20,314 \\ ($2,011) & \\ \hline$17,990 & $17,698 \\ $1,387 & $1,409 \\ \hline$19,377 & $19,107 \\ \hline$45,910 & \\ \hline \hline \end{tabular} Liabilities and Owners' Equity Liabilities Current Liabilities Accounts Payable Accrued Wages Short-Term Bank Debt Total Current Liabilities \begin{tabular}{rr} $6,571 & $6,674 \\ $1,076 & $1,093 \\ $161 & $196 \\ \hline$7,808 & $7,962 \end{tabular} Long-Term Liabilities Bank Loan Payable Total Long-Term Liabilities Total Liabilities \begin{tabular}{ll} $18,939 & $19,236 \\ \hline$18,939 & $19,236 \\ \hline$26,747 & $27,198 \end{tabular} Owners' Equity Stockholder Investment Retained Earnings Total Owners' Equity Total Liabilities and Owners' Equity \begin{tabular}{rr} $10,688 & $10,688 \\ $8,475 & \\ \hline$19,163 & $21,487 \\ \hline$45,910 & \\ \hline \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bitcoin Mining The New Gold Rush Bitcoin Mining Is The Future

Authors: Sam Sutton

1st Edition

1985654717, 978-1985654716

More Books

Students also viewed these Finance questions