The financial records of Oriole Inc. were destroyed by fire at the end of 2022. Fortunately,...

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The financial records of Oriole Inc. were destroyed by fire at the end of 2022. Fortunately, the controller had kept certain statistical data related to the income statement. 1. The beginning merchandise inventory was $108,560 and decreased 20% during the current year. 2. Sales discounts amount to $20,060. 3. 37,996 ordinary shares were outstanding for the entire year. 4. Interest expense was $23,600. 5. The income tax rate is 30%. 6. Cost of goods sold amounts to $590,000. 7. Administrative expenses are 18% of cost of goods sold but only 8% of gross sales. 8. Four-fifths of the operating expenses relate to sales activities. From the foregoing information, prepare an income statement for the year 2022. (Round earnings per share to 2 decimal places, e.g. 1.48.) From the foregoing information, prepare an income statement for the year 2022. (Round earnings per share to 2 decimal places, e.g. 1.48.) Net Sales Cost of Goods Sold Gross Profit ORIOLE INC. Income Statement For the Year Ended December 31, 2022 +A $ +A +A $ +A 1307440 590000 717440 Dividends Earnings Per Share Cost of Goods Sold Income Before Income Tax Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues Net Sales Expenses Gross Profit Income from Operations The financial records of Oriole Inc. were destroyed by fire at the end of 2022. Fortunately, the controller had kept certain statistical data related to the income statement. 1. The beginning merchandise inventory was $108,560 and decreased 20% during the current year. 2. Sales discounts amount to $20,060. 3. 37,996 ordinary shares were outstanding for the entire year. 4. Interest expense was $23,600. 5. The income tax rate is 30%. 6. Cost of goods sold amounts to $590,000. 7. Administrative expenses are 18% of cost of goods sold but only 8% of gross sales. 8. Four-fifths of the operating expenses relate to sales activities. From the foregoing information, prepare an income statement for the year 2022. (Round earnings per share to 2 decimal places, e.g. 1.48.) From the foregoing information, prepare an income statement for the year 2022. (Round earnings per share to 2 decimal places, e.g. 1.48.) Net Sales Cost of Goods Sold Gross Profit ORIOLE INC. Income Statement For the Year Ended December 31, 2022 +A $ +A +A $ +A 1307440 590000 717440 Dividends Earnings Per Share Cost of Goods Sold Income Before Income Tax Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues Net Sales Expenses Gross Profit Income from Operations