Problem #3 (45): AEOLIAN Offshore Resources (AOR) provides the financial data set out below. Permanent and...

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Problem #3 (45): AEOLIAN Offshore Resources (AOR) provides the financial data set out below. Permanent and temporary account balances are from 2023 12 31 fye, and fy 2024, respectively. Required: Prepare, in good form, 2024 balance sheet and income statement. Accounts Payable (AP) 134,000 1) The 2024 Gross Profit Margin was 40.0%. Accounts Receivable (net) 142,950 2) Accumulated Depreciation. (290,400) Cash 110,000 COGS Common Stock 120,000 Depreciation Gross Profit Inventory 180,620 Net Income Operating income (EBT) The PPE had been purchased on 2018 06 30 and had an estimated life of 25 years. AEOLIAN depreciated it SLN with zero salvage. At the end of December 2024 the company refurbished its main blade loom, extending capacity by 22' and expected life by three years, at a cost of $123,500. 3) The company purchased $1,184,222 of inventory on vendor credit terms and settled $1,202,000 AP during 2024. 4) No common stock was issued or acquired during 2024. The company's payout ratio was 18.5%. 5) The accounts receivable turnover ratio was 13.4. PPE 1,320,000 Retained Earnings Revenues 1,872,000 SG & A 324,500 Tax Expense 83,515 Problem #3 (45): AEOLIAN Offshore Resources (AOR) provides the financial data set out below. Permanent and temporary account balances are from 2023 12 31 fye, and fy 2024, respectively. Required: Prepare, in good form, 2024 balance sheet and income statement. Accounts Payable (AP) 134,000 1) The 2024 Gross Profit Margin was 40.0%. Accounts Receivable (net) 142,950 2) Accumulated Depreciation. (290,400) Cash 110,000 COGS Common Stock 120,000 Depreciation Gross Profit Inventory 180,620 Net Income Operating income (EBT) The PPE had been purchased on 2018 06 30 and had an estimated life of 25 years. AEOLIAN depreciated it SLN with zero salvage. At the end of December 2024 the company refurbished its main blade loom, extending capacity by 22' and expected life by three years, at a cost of $123,500. 3) The company purchased $1,184,222 of inventory on vendor credit terms and settled $1,202,000 AP during 2024. 4) No common stock was issued or acquired during 2024. The company's payout ratio was 18.5%. 5) The accounts receivable turnover ratio was 13.4. PPE 1,320,000 Retained Earnings Revenues 1,872,000 SG & A 324,500 Tax Expense 83,515