Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please go into detail about how you figured out the Retained Earnings. The following information is available for Oriole Company Accounts receivable Accounts payable Interest

image text in transcribedimage text in transcribed

image text in transcribedPlease go into detail about how you figured out the Retained Earnings.

The following information is available for Oriole Company Accounts receivable Accounts payable Interest payable Salaries and wages expense Notes payable Common stock Inventory $3,000 Cash 4,400 Supplies 610 Unearned service revenue 4,700 Service revenue 32,000 Salaries and wages payable 57,200 Depreciation expense 2,940 Equipment (net) $6,300 3,880 860 42,100 890 760 109,600 Using the information above, prepare a balance sheet as of December 31, 2022. (List assets in order of liquidity.) Oriole Company Balance Sheet December 31, 2022 Assets Cash 6300 Accounts Receivable 3000 Inventory 2940 Supplies 3880 Equipment 109600 Total Assets 125720 Liabilities and Stockholders' Equity Liabilities Notes Payable $ 32000 Accounts Payable 4400 Unearned Service Revenue 860 Salaries and Wages Payable 890 Interest Payable 610 Total Liabilities 38760 Stockholders' Equity Common Stock 57200 57 Retained Earnings Total Stockholders' Equity 57200 Total Liabilities and Stockholders' Equity A $ 95960

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Auditing Theory And Practice

Authors: C. William Thomas, Bart Ward, Emerson Henke

3rd Edition

0534920748, 978-0534920746

More Books

Students also viewed these Accounting questions

Question

3. Contrast relational contexts in organizations

Answered: 1 week ago

Question

2. Describe ways in which organizational culture is communicated

Answered: 1 week ago

Question

1. Describe and compare approaches to managing an organization

Answered: 1 week ago