LUDLIUW. Oriole Company Balance Sheet December 31, 2021 Cash $13.680 Accounts payable Accounts receivable 21.100 Common stock Allowance for doubtful accounts (740) Retained earnings Inventory 9.990 $44,030 $8.900 21,800 13,330 $44,030 During January 2022, the following transactions occurred. Oriole uses the perpetual inventory method. Jan. 1 3 8 11 15 Oriole accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $4,800 account. Oriole wrote off as uncollectible the accounts of Walter Corporation ($500) and Drake Company ($300). Oriole purchased $18,800 of inventory on account. Oriole sold for $25,700 on account inventory that cost $16,020 Oriole sold inventory that cost $730 to Jack Rice for $1,100, Rice charged this amount on his Visa First Bank card. The service fee charged Oriole by First Bank is 3%. Oriole collected $24.400 from customers on account. Oriole paid $17,100 on accounts payable. Oriole received payment in full ($300) from Drake Company on the account written off on January 3. Oriole purchased advertising supplies for $1,540 cash. Oriole paid other operating expenses, $2,910, 17 21 24 27 31 Adjustment data: 1 2 3. Interest is recorded for the month on the note from January 1 Bad debts are expected to be 6% of the January 31, 2022, accounts receivable. A count of advertising supplies on January 31, 2022reveals that $510 remains unused The income tax rate is 30%. (Hint: Prepare the income statement up to Income before taxes and multiply by 30% to compute the amount: round to whole dollars.) QueSLUI 2012 3/5 Tii ware HUUR IS anu pranon Jan 1 Notes Receivable 4800 Accounts Receivable Jan 3 Allowance for Doubtful Accounts 800 Accounts Receivable Jan 8 Inventory 18800 Accounts Payable Jan 11 Accounts Receivable 25700 Sales Revenue (To record sales revenues) Jan 11 Cost of Goods Sold 16020 Inventory To record cost of goods sold! Cash Jan 15 1067 Service Change Expense 33 Sales Revenue (To record sales revenues and service charges) Jan. 15 Cost of Goods Sold 7:30 Inventory [To record cost of goods sold) Cash Jan 17 26600 Accounts Receivable Jan 21 Accounts Payable 17100 Cash Jan 24 Account Dout Art (To reverse allowance for doubtful debts.) Jan 24 Cash 300 Accounts Receivable (To record cash received from Drake Company.) Supplies Jan 27 1540 Cash Jan 31 Other Operating Expenses 2910 Cash Jan 31 (1) Interest Receivable 32 Interest Revenue o Bad Debts Expense (3) Supplies Expense Supplies (4) Income Tax Expense Income Taxes Payable e Textbook and Media List of Accounts ORIOLE COMPANY Adjusted Trial Balance January 31, 2022 Debit Credit Cash Notes Receivable 4800 Interest Receivable 32 Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies Accounts Payable Income Taxes Payable Common Stock Retained Earnings Interest Revenue Sales Revenue Cost of Goods Sold Service Charge Expense Other Operating Expenses Bad Debts pense Supplies Expense Totals Prepare an income statement for the month ending January 31, 2022 (Round answers to decimal places, es 1,250) ORIOLE COMPANY Income Statement For the Month Ending January 31, 2022 Sales Revenues $ Cost of Goods Sold Gross Proht Operating Expenses Service Charge Expense Other Operating Expenses Bad Debts Expense 0 Supplies Expense Total Operating Expenses Income From Operations Other Revenues and Gains interest Revenue Income Before Income Taxes Income Tax Expense $ Net income Lossl e Textbook and Media List of Accounts Question 2 of 2 3/5 ili Your answer is partially correct Prepare a retained earnings statement for the month ending January 31, 2022. (Round answers to decimal places, eg. 1.250) ORIOLE COMPANY Retained Earnings Statement For the Month Ending January 31, 2022 Retained Earnings, January 1 $ Add Net Income/(Loss) Retained Earnings, January 31 $ eTextbook and Media List of Accounts Your answer is partially correct Prepare a classified balance sheet as of January 31, 2022. (List Current Assets in order of liquidity. Round answers to decimal places, eg. 1.250 ORIOLE COMPANY Balance Sheet For the Year Ended January 31, 2022 Assets Prepare a classihed balance sheet as of January 31, 2022. (List Current Assets in order of liquidity. Round answers to decimal places, e.g. 1.250) ORIOLE COMPANY Balance Sheet For the Year Ended January 31, 2022 Assets Current Assets Cash Notes Receivable Accounts Receivable Les Allowance for Doubtful Accounts Interest Receivable o Liabilities and Stockholders' Equity $ $