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The following is the trial balance of Oriole Corporation at December 31, 2020. A physical count of inventory on December 31 resulted in an inventory
The following is the trial balance of Oriole Corporation at December 31, 2020.
A physical count of inventory on December 31 resulted in an inventory amount of $172,800; thus, cost of goods sold for 2020 is $1,741,500.
Credits $27,000 48,600 432,000 48,600 2,970,000 132,300 75,600 189,000 ORIOLE CORPORATION TRIAL BALANCE DECEMBER 31, 2020 Debits Purchase Discounts Cash $512,190 Accounts Receivable 283,500 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 297,000 Accounts Payable Accumulated Depreciation-Equipment Sales Discounts 39,150 Sales Returns and Allowances 47,250 Notes Payable Selling Expenses 626,400 Administrative Expenses 267,300 Common Stock Income Tax Expense 145,530 Cash Dividends 121,500 Allowance for Doubtful Accounts Supplies 37,800 Freight-in 54,000 Land 189,000 Equipment 378,000 Bonds Payable Gain on Sale of Land Accumulated Depreciation-Buildings Inventory 240,300 Buildings 264,600 Purchases 1,647,000 Totals $5,150,520 810,000 13,500 270,000 81,000 52,920 $5,150,520 ORIOLE CORPORATION Income Statement Revenues Sales Revenue Rent Revenue Total Revenues Sales Discounts Sales Returns and Allowan Net Sales Gain on Disposal of Land Income Before Income Tax Net Income / (Loss) A Prepare a retained earnings statement. Assume that the only changes in retained earnings during the current year were from net income and dividends. (List items that increase retained earnings first.) ORIOLE CORPORATION Retained Earnings Statement Retained Earnings, January 1 A Add A: Net Income / (Loss) Less A: Cash Dividends Retained Earnings, December 31 Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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