Using the single-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decima places, eg. 1.48.) ORIOLE CORPORATION Income Statement V 89F Sunny arch ORI v $ $ e Textbook and Media List of Accounts Question 3 of 7 1.99/4 The following account balances were included in the trial balance of Oriole Corporation at June 30, 2020. Sales revenue Depreciation expense (office furniture and equipment) 1.579,860 31,690 Property tax expense 897100 56,690 98,950 Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Bad debt expense (selling) Maintenance and repairs expense administration) Office expense Sales returns and allowances Dividends received Interest expense 31,900 23.150 15,110 9.080 Income tax expense 5,069 Depreciation understatement due to error -2017 Inet of tax) 6,440 Dividends declared on preferred stock Dividends declared on common stock 5.045 Office supplies used 3,368 2097 Talendinta dentro 1,579,860 Depreciation expense (office furniture and equipment) 6,762 31,690 6,843 Property tax expense 4,503 897,100 Bad debt expense (selling) 8,281 56,690 Maintenance and repairs expense (administration) 98,950 5,980 Office expense 63,694 31,900 Sales returns and allowances 39,910 23,150 Dividends received 16,440 15,110 Interest expense 98,290 9,080 Income tax expense 17.004 5,069 Depreciation understatement due to error-2017 (net of tax) Dividends declared on preferred stock 9,210 ) 6,440 38,360 5,045 Dividends declared on common stock 3,368 istration 2007 HE A/B Benchmark Top MAX > NWP Assessment Player Aps X + ucation wiley.com/was/ui/v2/assessment-player/index.html?launchid23449666-246-4954-8460 555160dca 22/question/2 d - Portal Order Prints M Connect Purchase Network Privacy S. Quillot A Paraph Meal AR Login Provider Po Herdity Gate enchmark - Topic 3 Assignment - TO Question 3 of 7 1.99/4 The Retained Earnings account had a balance of $364,510 at July 1, 2019. There are 83,970 shares of common stock outstanding (1) Your Answer Correct Answer (Used) Your answer is partially correct. Using the multiple-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, eg. 1.48.) ORIOLE CORPORATION Income Statement For the Year Ended June 30, 2020 Salas 1.579,860 For the Year Ended June 30, 2020 Sales Sales Revenue 1,579,860 Less Sales Discounts (31,690) Sales Returns and Allowances (63,694) ($95,384) $1.484.476 Net Sales $897.100 i Cost of Goods Sold 5587,376 Gross Pront/(Loss) Operating Expenses 89F Sunny BI pe here to search Doll Question 3 of 7 Sales Commissions TA $98,950 i Salaries and Wages Expense $56,690 i Travel Expense $31.900 i Delivery Expense $23.150 i Entertainment Expense $15,110 i $9.000 Telephone and Internet Expense $6,440 Maintenance and Repairs Expense $5,069 Depreciation Expense $4,503 i Bad Debt Expense $5,045 i Miscellaneous Selling Expenses Total Selling Expenses Administrative Expenses Maintenance and Repairs Expense $8,281 i Property Tax Expense $6,843 i Supplies Expense $3,368 i Telephone and Internet Expense $3,097 i Depreciation Expense $6,762 Office Expenses $5,980 290268 Total Administrative Expenses $297,108 Income from Operations Other Revenues and Gains $39.910 Dividend Revenue 89F Sunny 1.99 / Question 3 of 7 Other Revenues and Gains $39.910 Dividend Revenue Other Expenses and Losses $16.440 i Interest Expense $320,578 Income Before Income Tax ($98.290) 1 89F Sunny (6) ORIOLE CORPORATION Retained Earnings Statement For the Year Ended June 30, 2020 Retained Earnings, July 1, 2019, as Reported 364,510 Correction of Depreciation Understatement (17,004) Retained Earnings, July 1, 2019, as Adjusted 347.506 Add VE Net Income /(Loss) 222 288 569,794 Less: $ 9.210 Dividends Declared on Preferred Stock 38,360 i Dividends Declared on Common Stock 47.570 i 89F Sunny -h O E II 10 Benchmark-top AX NW A PlayerUX astion wiley.com/was/l/v2/assessment-player/index.html?aunchida3449666-246-4951-6450-e555160dca 228/question 2 - Portal Order Prints M Connect Purchase Network. Privacy Al Panph M Gmalen Login Provider Po. Terdy Gees Ehmark - Topic 3 Assignment - TO Question 3 of 7 1.99/4 THI 47570 Retained Earnings, June 30, 2020 522224 e Textbook and Media List of Accounts Attempts: 2 of 5 used (61) Using the single-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, eg. 1.48) ORIOLE CORPORATION Income Statement ORIOLE CORPORATION Retained Earnings Statement A 89F Sunny co search Question 3 of 7 F6 3 Using the single-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decima places, eg. 1.48.) ORIOLE CORPORATION Income Statement V 89F Sunny arch ORI v $ $ e Textbook and Media List of Accounts Question 3 of 7 1.99/4 The following account balances were included in the trial balance of Oriole Corporation at June 30, 2020. Sales revenue Depreciation expense (office furniture and equipment) 1.579,860 31,690 Property tax expense 897100 56,690 98,950 Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Bad debt expense (selling) Maintenance and repairs expense administration) Office expense Sales returns and allowances Dividends received Interest expense 31,900 23.150 15,110 9.080 Income tax expense 5,069 Depreciation understatement due to error -2017 Inet of tax) 6,440 Dividends declared on preferred stock Dividends declared on common stock 5.045 Office supplies used 3,368 2097 Talendinta dentro 1,579,860 Depreciation expense (office furniture and equipment) 6,762 31,690 6,843 Property tax expense 4,503 897,100 Bad debt expense (selling) 8,281 56,690 Maintenance and repairs expense (administration) 98,950 5,980 Office expense 63,694 31,900 Sales returns and allowances 39,910 23,150 Dividends received 16,440 15,110 Interest expense 98,290 9,080 Income tax expense 17.004 5,069 Depreciation understatement due to error-2017 (net of tax) Dividends declared on preferred stock 9,210 ) 6,440 38,360 5,045 Dividends declared on common stock 3,368 istration 2007 HE A/B Benchmark Top MAX > NWP Assessment Player Aps X + ucation wiley.com/was/ui/v2/assessment-player/index.html?launchid23449666-246-4954-8460 555160dca 22/question/2 d - Portal Order Prints M Connect Purchase Network Privacy S. Quillot A Paraph Meal AR Login Provider Po Herdity Gate enchmark - Topic 3 Assignment - TO Question 3 of 7 1.99/4 The Retained Earnings account had a balance of $364,510 at July 1, 2019. There are 83,970 shares of common stock outstanding (1) Your Answer Correct Answer (Used) Your answer is partially correct. Using the multiple-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, eg. 1.48.) ORIOLE CORPORATION Income Statement For the Year Ended June 30, 2020 Salas 1.579,860 For the Year Ended June 30, 2020 Sales Sales Revenue 1,579,860 Less Sales Discounts (31,690) Sales Returns and Allowances (63,694) ($95,384) $1.484.476 Net Sales $897.100 i Cost of Goods Sold 5587,376 Gross Pront/(Loss) Operating Expenses 89F Sunny BI pe here to search Doll Question 3 of 7 Sales Commissions TA $98,950 i Salaries and Wages Expense $56,690 i Travel Expense $31.900 i Delivery Expense $23.150 i Entertainment Expense $15,110 i $9.000 Telephone and Internet Expense $6,440 Maintenance and Repairs Expense $5,069 Depreciation Expense $4,503 i Bad Debt Expense $5,045 i Miscellaneous Selling Expenses Total Selling Expenses Administrative Expenses Maintenance and Repairs Expense $8,281 i Property Tax Expense $6,843 i Supplies Expense $3,368 i Telephone and Internet Expense $3,097 i Depreciation Expense $6,762 Office Expenses $5,980 290268 Total Administrative Expenses $297,108 Income from Operations Other Revenues and Gains $39.910 Dividend Revenue 89F Sunny 1.99 / Question 3 of 7 Other Revenues and Gains $39.910 Dividend Revenue Other Expenses and Losses $16.440 i Interest Expense $320,578 Income Before Income Tax ($98.290) 1 89F Sunny (6) ORIOLE CORPORATION Retained Earnings Statement For the Year Ended June 30, 2020 Retained Earnings, July 1, 2019, as Reported 364,510 Correction of Depreciation Understatement (17,004) Retained Earnings, July 1, 2019, as Adjusted 347.506 Add VE Net Income /(Loss) 222 288 569,794 Less: $ 9.210 Dividends Declared on Preferred Stock 38,360 i Dividends Declared on Common Stock 47.570 i 89F Sunny -h O E II 10 Benchmark-top AX NW A PlayerUX astion wiley.com/was/l/v2/assessment-player/index.html?aunchida3449666-246-4951-6450-e555160dca 228/question 2 - Portal Order Prints M Connect Purchase Network. Privacy Al Panph M Gmalen Login Provider Po. Terdy Gees Ehmark - Topic 3 Assignment - TO Question 3 of 7 1.99/4 THI 47570 Retained Earnings, June 30, 2020 522224 e Textbook and Media List of Accounts Attempts: 2 of 5 used (61) Using the single-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, eg. 1.48) ORIOLE CORPORATION Income Statement ORIOLE CORPORATION Retained Earnings Statement A 89F Sunny co search Question 3 of 7 F6 3