In 2022, Oriole Corporation had net sales of $593,000 and cost of goods sold of $358,000. Operating expenses were $152,000, and interest expense was $8,000. The corporations tax rate is 20%. The corporation declared preferred dividends of $14,500 in 2022, and its average common stockholders equity during the year was $150,000.

(a)

Prepare an income statement for Oriole Corporation.

ORIOLE CORPORATION Income Statement choose the accounting period December 31, 2022For the Quarter Ended December 31, 2022For the Year Ended December 31, 2022
select an income statement item ExpensesTotal RevenuesRetained Earnings, January 1Cost of Goods SoldNet SalesGross Profit / (Loss)Income from OperationsTotal ExpensesRetained Earnings, December 31DividendsNet Income / (Loss)Operating ExpensesIncome before Income TaxesInterest ExpenseIncome Tax Expense		$enter a dollar amount
select an income statement item Income Tax ExpenseIncome before Income TaxesNet Income / (Loss)Retained Earnings, January 1Gross Profit / (Loss)ExpensesRetained Earnings, December 31Net SalesDividendsOperating ExpensesInterest ExpenseTotal RevenuesTotal ExpensesCost of Goods SoldIncome from Operations		enter a dollar amount
select a summarizing line for the first part Total ExpensesExpensesNet Income / (Loss)Interest ExpenseGross Profit / (Loss)Net SalesCost of Goods SoldTotal RevenuesOperating ExpensesRetained Earnings, January 1DividendsRetained Earnings, December 31Income Tax ExpenseIncome before Income TaxesIncome from Operations		enter a total amount for the first part
select an income statement item Retained Earnings, December 31Gross Profit / (Loss)Income before Income TaxesExpensesTotal RevenuesCost of Goods SoldOperating ExpensesInterest ExpenseNet Income / (Loss)Income from OperationsTotal ExpensesRetained Earnings, January 1DividendsNet SalesIncome Tax Expense		enter a dollar amount
select a summarizing line for the second part Gross Profit / (Loss)Retained Earnings, December 31Total RevenuesTotal ExpensesInterest ExpenseCost of Goods SoldNet SalesDividendsExpensesNet Income / (Loss)Income Tax ExpenseIncome from OperationsRetained Earnings, January 1Operating ExpensesIncome before Income Taxes		enter a total amount for the second part
select an income statement item Net Income / (Loss)Retained Earnings, December 31Retained Earnings, January 1Total RevenuesInterest ExpenseTotal ExpensesIncome before Income TaxesDividendsExpensesIncome Tax ExpenseOperating ExpensesNet SalesGross Profit / (Loss)Income from OperationsCost of Goods Sold		enter a dollar amount
select a summarizing line for the third part ExpensesTotal ExpensesRetained Earnings, January 1Income from OperationsIncome before Income TaxesTotal RevenuesIncome Tax ExpenseRetained Earnings, December 31DividendsGross Profit / (Loss)Cost of Goods SoldInterest ExpenseNet Income / (Loss)Operating ExpensesNet Sales		enter a total amount for the third part
select an income statement item Interest ExpenseOperating ExpensesRetained Earnings, January 1Total ExpensesTotal RevenuesNet Income / (Loss)Income from OperationsCost of Goods SoldIncome before Income TaxesIncome Tax ExpenseExpensesDividendsRetained Earnings, December 31Gross Profit / (Loss)Net Sales		enter a dollar amount
select a closing name for this statement Gross Profit / (Loss)Cost of Goods SoldRetained Earnings, January 1Net SalesIncome Tax ExpenseDividendsTotal RevenuesIncome from OperationsTotal ExpensesOperating ExpensesExpensesInterest ExpenseRetained Earnings, December 31Net Income / (Loss)Income before Income Taxes		$enter a total net income or loss amount

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(b)

Compute Oriole Corporations return on common stockholders equity for 2022. (Round answer to 1 decimal place, e.g. 10.5%.)

Return on common stockholders equity

enter the return on common stockholders equity in percentages rounded to 1 decimal place

%