Week $1-$ Financial Statements assignment $($due before next class$)$

Question $1$ of $2$

$-/15$

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Incomplete financial statements for Oriole Inc. follow.

$($a$)$ Calculate the missing amounts for $[1]$ to $[13].$ Note that you may not be able to solve the items in numerical order.

Oriole Inc.

Statement of Income

Year Ended April $30,2024$

Service revenue

$$480,000$

Operating expenses

$enter a dollar amount

$[1]$

Income before income tax

$260,000$

Income tax expense

$enter a dollar amount

$[2]$

Net income

$enter a total amount

$[3]$

Oriole Inc.

Statement of Changes in Equity

Year Ended April $30,2024$

Common Shares

Retained Earnings

Total Equity

Balance, May $1,2023$

$$25,100$

$$0$

$$25,100$

Issued common shares

$302,000$

$302,000$

Net income

$enter a dollar amount

$[4]$

$enter a dollar amount

$[7]$

Dividends declared

$enter a dollar amount

$[5]$

$(10,200)$

Balance, April $30,2024$

$$327,100$

$enter a total amount

$[6]$

$$560,650$

Oriole Inc.

Statement of Financial Position

April $30,2024$

Assets

Liabilities and Shareholders$$ Equity

Cash

$$23,000$

Liabilities

Accounts receivable

$49,900$

Accounts payable

$$80,000$

Land

$270,700$

Bank loan payable

$enter a dollar amount

$[9]$

Buildings

$enter a dollar amount

$[8]$

Total liabilities

$343,950$

Equipment

$207,000$

Shareholders$$ equity

Total assets

$$904,600$

Common shares

$enter a dollar amount

$[10]$

Retained earnings

$enter a dollar amount

$[11]$

Total shareholders$$ equity

$enter a total of the two previous amounts

$[12]$

Total liabilities and shareholders$$ equity

$enter a total amount for this part of the balance sheet

$[13]$

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