Oriole Inc. prepared the following condensed income statement using the cash basis of accounting: ORIOLE INC. Income Statement, Cash Basis Year Ended December 31, 2023 Sales revenue Expenses Net income Additional data: 1. 2. 3. $721,600 563,200 $158,400 Depreciation on the company automobile is $7,920. On January 1, 2023, paid for a two-year insurance policy on the automobile amounting to $1,584. Sales revenue does not include $44,000 of goods sold on account in 2023. It does include $17,600 collected in 2023 for 2022 accounts receivable. $44,000 of expenses were incurred in 2023 but won't be paid until 2024.

Oriole Inc. prepared the following condensed income statement using the cash basis of accounting: Additional data: 1. Depreciation on the company automobile is $7,920. 2. On January 1, 2023, paid for atwo-year insurance policy on the automobile amounting to $1,584. 3. Sales revenuo does not include $44,000 of goods sold on account in 2023. It does include $17,600 collected in 2023 for 2022 accounts receivable. 4. $44,000 of expenses were incurred in 2023 but worit be paid unt: 2024. Oriole Inc. prepared the following condensed income statement using the cash basis of accounting: Additional data: 1. Depreciation on the company automobile is $7,920. 2. On January 1, 2023, paid for atwo-year insurance policy on the automobile amounting to $1,584. 3. Sales revenuo does not include $44,000 of goods sold on account in 2023. It does include $17,600 collected in 2023 for 2022 accounts receivable. 4. $44,000 of expenses were incurred in 2023 but worit be paid unt: 2024