Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please, could you fix it Oriole Limited reported the following selected information for the year ended March 31, 2021: Advertising expense $6,000 Interest expense $5,300

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

please, could you fix it

Oriole Limited reported the following selected information for the year ended March 31, 2021: Advertising expense $6,000 Interest expense $5,300 Cash dividends-common 4,000 Loss on discontinued operations 10,000 Depreciation expense 3,000 Rent revenue 38,000 Fees earned 60,000 Retained earnings, April 1, 2020 23,000 Gain on disposal of equipment 2,000 Telephone expense 8,000 Holding loss on equity investments 2,000 Income tax payable 7,600 The company's income tax rate is 30%. The company reports gains and losses on its equity investments as other comprehensive income. Prepare an income statement and a separate statement of comprehensive income for Oriole Limited. ORIOLE LIMITED Income Statement Year Ended March 31, 2021 Revenues Fees Earned $ 60000 Rent Revenue 38000 Total Revenues 98000 Operating Expenses Advertising Expense v 6000 Telephone Expense 8000 Depreciation Expense 3000 Total Operating Expenses 17000 Profit from Operations 81000 Other Revenues Gain on Disposal of Equipment 2000 Other Expenses Interest Expense 5300 Profit before Income Taxes 73700 Income Tax Expense 22110 Prohit Irom Continuing Operations 51590 Discontinued Operations Loss on Discontinued Operations 10000 Profit/(Loss) 41590 ORIOLE LIMITED Statement of Comprehensive Income Year Ended March 31, 2021 Profit/(Loss) $ 41590 Other Comprehensive Income (Loss) Holding Loss on Equity Investments 2000 Comprehensive Income $ $ 39590

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions