Question
The following balances were taken from the books of Oriole Corp. on December 31, 2017. Interest revenue $87,600 Accumulated depreciationequipment $41,600 Cash $52,600 Accumulated depreciationbuildings
The following balances were taken from the books of Oriole Corp. on December 31, 2017.
Interest revenue $87,600 Accumulated depreciationequipment $41,600
Cash $52,600 Accumulated depreciationbuildings $29,600
Sales revenue $1,381,600 Notes receivable $156,600
Accounts receivable$151,600 Selling expenses $195,600
Prepaid insurance $21,600 Accounts payable $171,600
Sales returns $151,600 Bonds payable $101,600
and allowances Administrative and general expenses $98,600
Allowance for $8,600
doubtful accounts
Sales discounts $46,600 Accrued liabilities $33,600
Land $101,600 Interest expense $61,600
Equipment $201,600 Notes payable $101,600
Buildings $141,600 Loss from earthquake damage $151,600
Cost of goods sold $622,600 Common stock $501,600
Retained earnings $22,600
Revenue
Sales Revenue $1,381,600.00
Sales Return & Allowances $151,600.00
$46,600.00
$198,200.00
Net Sales $1,183,400.00
Cost of Goods Sold $622,600.00
Gross Profit $560,800.00
Operating Expenses
Selling Expenses $195,600.00
Administrative Expenses $98,600.00
$294,200.00
Income from Operations $266,600.00
Other Revenues and Gains
Interest Revenue $87,600.00
$354,200.00
Other Expenses and Losses
Interest Expense $61,600.00
? XXXX.XX
Income Before Income Tax
Income Tax Expense (= .34 * Income Before Income Tax)
Net Income Income Before Tax - Income Tax
Earnings Per Share Net Income - Dividends / 100,000
Assume the total effective tax rate on all items is34%.
Use the multiple-step process to complete the income statement;100,000shares of common stock were outstanding during the year.
*****There's one item on the income statement that I'm missing that's keeping me from solving the entire problem. *****
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