Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Oriole LId. had the following transactions in its first month of operations: 1. Issued 18,000 common shares in exchange for $90,000 cash. 2. Took out
Oriole LId. had the following transactions in its first month of operations: 1. Issued 18,000 common shares in exchange for $90,000 cash. 2. Took out a $24,900 loan from the bank. 3. Paid $29,700 to purchase inventory. 4. Equipment costing $34,700 was purchased for $7,800 cash, with the balance on account. 5. Made sales of $52,300 to customers, with $10,400 being cash sales and the balance on account. 6. The cost of the inventory sold to customers was $26,200. 7. Paid employee wages totalling $11,300. 8. Operating expenses of $2,200 were paid during the month. 9. Deprecation of $900 was recorded for the month. 10. Dividends of $900 were declared and paid during the month. Calculate the following amounts for the month: (Enter loss using either a negative sign pre parentheses e.g. (45).) i. Sales revenue $ ii. Cost of goods sold $ iii. Total expenses other than cost of goods sold $ iv. Net Income or Loss $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started