Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The ledger of Oriole Limited at October 31, 2021, contains the following summary data: Cash dividendscommon $109,000 Common shares 634,000 Depreciation expense 81,000 Service revenue

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
The ledger of Oriole Limited at October 31, 2021, contains the following summary data: Cash dividendscommon $109,000 Common shares 634,000 Depreciation expense 81,000 Service revenue 1,455,000 Operating expenses 915,000 Interest expense 44,000 Retained earnings, November 1, 2020 559,000 Your analysis reveals the following additional information: 1. The company has a 2595 income tax rate. 2. On March 19, 202 1, Oriole discovered an error made in the previous fiscal year. A $45,000 payment of a note payable had been recorded as interest expense. 3. On April 10, 2021, common shares costing $65,000 were reacquired for $89,000. This is the rst time the company has reacquired common shares. Prepare a journal entry to correct the prior period error. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 19, 2021 (To record correction of error.)Calculate profit for the year ended October 31, 2021. Profit Question Part Score --/2

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

Business And Professional Ethics

Authors: Leonard J Brooks, Paul Dunn

8th Edition

1337514462, 9781337514460

More Books

Students also viewed these Accounting questions

Question

Did the researcher do a dependability audit?

Answered: 1 week ago

Question

3. What values would you say are your core values?

Answered: 1 week ago