ORIOLE COMPANY Balance Sheet December 31, 2021 Cash $31,200 Accounts Payable $14,300 Inventory 31,980 Interest Payable...

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ORIOLE COMPANY Balance Sheet December 31, 2021 Cash $31,200 Accounts Payable $14,300 Inventory 31,980 Interest Payable 260 Prepaid Insurance 6,240 Notes Payable 52,000 Equipment 39,520 Owner's Capital 42,380 $108,940 $108,940 During January 2022, the following transactions occurred. (Oriole Company uses the perpetual inventory system.) 1. Oriole paid $260 interest on the note payable on January 1, 2022. The note is due December 31, 2023. 2. Oriole purchased $271,544 of inventory on account. 3. Oriole sold for $457,600 cash, inventory which cost $275,600. Oriole also collected $29,744 in sales taxes. 4. Oriole paid $239,200 in accounts payable. 5. Oriole paid $17,680 in sales taxes to the state. 6. Paid other operating expenses of $31,200. 7. On January 31, 2022, the payroll for the month consists of salaries and wages of $72,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $9,280 federal income taxes are withheld. The salaries and wages are paid on February 1. Adjustment data: 8. Interest expense of $260 has been incurred in January on the notes payable. 9. The insurance for the year 2022 was prepaid on December 31, 2021. 10. 11. The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a $2,080 salvage value. Employer's payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.6% federal unemployment tax. Prepare a classified balance sheet as of January 31, 2022. (List current assets in order of liquidity. Round answers to O decimal places, e.g. 5,275.) ORIOLE COMPANY Balance Sheet Assets LA $ +A +A $ ORIOLE COMPANY Balance Sheet December 31, 2021 Cash $31,200 Accounts Payable $14,300 Inventory 31,980 Interest Payable 260 Prepaid Insurance 6,240 Notes Payable 52,000 Equipment 39,520 Owner's Capital 42,380 $108,940 $108,940 During January 2022, the following transactions occurred. (Oriole Company uses the perpetual inventory system.) 1. Oriole paid $260 interest on the note payable on January 1, 2022. The note is due December 31, 2023. 2. Oriole purchased $271,544 of inventory on account. 3. Oriole sold for $457,600 cash, inventory which cost $275,600. Oriole also collected $29,744 in sales taxes. 4. Oriole paid $239,200 in accounts payable. 5. Oriole paid $17,680 in sales taxes to the state. 6. Paid other operating expenses of $31,200. 7. On January 31, 2022, the payroll for the month consists of salaries and wages of $72,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $9,280 federal income taxes are withheld. The salaries and wages are paid on February 1. Adjustment data: 8. Interest expense of $260 has been incurred in January on the notes payable. 9. The insurance for the year 2022 was prepaid on December 31, 2021. 10. 11. The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a $2,080 salvage value. Employer's payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.6% federal unemployment tax. Prepare a classified balance sheet as of January 31, 2022. (List current assets in order of liquidity. Round answers to O decimal places, e.g. 5,275.) ORIOLE COMPANY Balance Sheet Assets LA $ +A +A $