Oriole Ltd. had the following transactions in its first month of operations: 1. 2. 3. 4....
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Oriole Ltd. had the following transactions in its first month of operations: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Issued 18,000 common shares in exchange for $90,000 cash. Took out a $24,900 loan from the bank. Paid $29,700 to purchase inventory. Equipment costing $34,700 was purchased for $7,800 cash, with the balance on account. Made sales of $52,300 to customers, with $10,400 being cash sales and the balance on account. The cost of the inventory sold to customers was $26,200. Paid employee wages totalling $11,300. Operating expenses of $2,200 were paid during the month. Deprecation of $900 was recorded for the month. Dividends of $900 were declared and paid during the month. Calculate the following amounts for the month: (Enter loss using either a negative sign pre parentheses e.g. (45).) i. ii. iii. iv. Sales revenue Cost of goods sold Total expenses other than cost of goods sold Net Income or Loss LA $ $ LA LA $ LA 52,300 26,200 14,400 11,700 i. ii. iii. iv. V. Cash on hand Total assets other than cash Total Liabilities Share capital Retained earnings $ LA $ $ $ Oriole Ltd. had the following transactions in its first month of operations: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Issued 18,000 common shares in exchange for $90,000 cash. Took out a $24,900 loan from the bank. Paid $29,700 to purchase inventory. Equipment costing $34,700 was purchased for $7,800 cash, with the balance on account. Made sales of $52,300 to customers, with $10,400 being cash sales and the balance on account. The cost of the inventory sold to customers was $26,200. Paid employee wages totalling $11,300. Operating expenses of $2,200 were paid during the month. Deprecation of $900 was recorded for the month. Dividends of $900 were declared and paid during the month. Calculate the following amounts for the month: (Enter loss using either a negative sign pre parentheses e.g. (45).) i. ii. iii. iv. Sales revenue Cost of goods sold Total expenses other than cost of goods sold Net Income or Loss LA $ $ LA LA $ LA 52,300 26,200 14,400 11,700 i. ii. iii. iv. V. Cash on hand Total assets other than cash Total Liabilities Share capital Retained earnings $ LA $ $ $
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i Sales Total Sales Cash Sales Sales on Account Total Sales 10400 52300 Total Sales 62700 ii Cost of ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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