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Oriole Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 3 1 , 2 0
Oriole Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended
May and May The income from operations for the fiscal year ended May was $ and income
from operations for the fiscal year ended May was $ In both years, the company incurred a interest expense
on $ of debt, an obligation that requires interestonly payments for years. The company experienced a loss from
discontinued operations of $ on February The company uses a effective tax rate for income taxes.
The capital structure of Oriole Corporation on June consisted of shares of common stock outstanding
and shares of $ par value, cumulative preferred stock. There were no preferred dividends in arrears, and the company
had not issued any convertible securities options, or warrants.
On October Oriole sold an additional shares of the common stock at $ per share. Oriole distributed a stock
dividend on the common shares outstanding on January On December Oriole was able to sell an
additional shares of the common stock at $ per share. These were the only common stock transactions that occurred
during the two fiscal years.
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