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Oriole Corp. had the following transactions in its first month of operations: 1. On incorporation, the company had issued 1,000 common shares in exchange for
Oriole Corp. had the following transactions in its first month of operations: 1. On incorporation, the company had issued 1,000 common shares in exchange for $16,500 cash and equipment worth $12,200. 2. Additional equipment costing $4,200 was purchased for cash. 3. Supplies costing $530 were purchased for cash. 4. Inventory costing $6,000 was acquired on account. Later in the month, the company paid half of the amount owed. It will pay the remainder next inonth. 5. The entire inventory was sold to customers for $9,000. The company received half of this amount in cash and will receive the remainder next month. 6. By the end of the inonth, $110 of the supplies were used up. 7. The equipment was depreciated $210 for the month. 8. Operating expenses paid in cash during the month were $2,100. 9. Dividends of $300 were declared and paid during the month. Calculate the following ainounts for the month: (Enter loss using either a negative sign preceding the number eq -45 or parentheses eg (45).) i. Sales revenue ii. Cost of goods sold iii. Total expenses other than cost of goods sold iv. Net earnings or loss Calculate the following arnounts as at the end of the month: i. Cash on hand ii. Total assets other than cash iii. Total Liabilities iv. Share capital $ v. Retained earnings
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