Oriole Ltd. reported the following for the fiscal year 2021:ORIOLE LTD.Income StatementYear Ended September 30, 2021Sales$575,000Cost of goods sold330,000Gross profit245,000Operating expenses$ 101.000Depreciation expense26,000Gain on sale of land(36,000 )91,000Profit before income tax154,000Income tax expense38,500Profit$115,500Additional information:1 Accounts recelvable decreased by $15,500 during the year.2 Inventory increased by $7.000 during the year.3.Prepaid oxpenses decreased by $5.000 during the year.4.Accounts payable to suppliers increased by $10,500 during the year.5.Accrued expenses payable increased by $4,500 during the year.6.Income tax payable decreased by $6,300 during the year. Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flowwith either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)ORIOLE LTD.Cash Flow Statement (Partial)-Indirect MethodAdjustments to reconcile profit toActGo te%24%24>>>

Name: Oriole Ltd. reported the following for the fiscal year 2021:ORIOLE LT
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Oriole Ltd. reported the following for the fiscal year 2021:ORIOLE LTD.Income StatementYear Ended September 30, 2021Sales$575,000Cost of goods sold330,000Gross profit245,000Operating expenses$ 101.000Depreciation expense26,000Gain on sale of land(36

Cash flow statement records the cash inflows and cash outflows of the company. Cash flow statement…

Business

Accounting

Oriole Ltd. reported the following for the fiscal year 2021: ORIOLE LTD. Income Statement Year Ended September 30, 2021 Sales S575.000 Cost of goods sold 330,000 Gross proft 245.000 Operating epenses $ 101.000 Depreciation expense 26000 (26.000 ) 91.000 Gain on sale of land Profit before income tax 154.000 Income ta expense 36.500 Profit $115.s00 Additional information: 1 Accounts recelvabie decreased by $15.500 during the year. 2 2. Inventory incrcased by $7.000 during the year. Prepaid openses decreased by S.000 during the year. Accounts payable to suppliers increased by $10.500 during the year. 4. Accrued expenses payable incresed by $4.500 during the yea. Income tax payable decreased by S6300during the year.

Oriole Ltd. reported the following for the fiscal year 2021: ORIOLE LTD. Income Statement Year Ended September 30, 2021 Sales S575.000 Cost of goods sold 330,000 Gross proft 245.000 Operating epenses $ 101.000 Depreciation expense 26000 (26.000 ) 91.000 Gain on sale of land Profit before income tax 154.000 Income ta expense 36.500 Profit $115.s00 Additional information: 1 Accounts recelvabie decreased by $15.500 during the year. 2 2. Inventory incrcased by $7.000 during the year. Prepaid openses decreased by S.000 during the year. Accounts payable to suppliers increased by $10.500 during the year. 4. Accrued expenses payable incresed by $4.500 during the yea. Income tax payable decreased by S6300during the year.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

See similar textbooks

Similar questions

Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: The following; additional information is also available. The December 31, 2019, ending inventory is 14,700. During 2019, 4,200 shares of'common stock were outstanding the entire year. The income tax rate 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskins cost of goods sold. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 multiple-step income statement. 4. Prepare a 2019 statement of comprehensive income.
Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Recording Various Liabilities Glenview Hardware had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $30,000. ( Note: Assume a periodic inventory system.) b. Year-end wages of $10,000 were incurred, but not paid. Related federal income taxes of $1,200, Social Security of $620 (employee portion), and Medicare taxes of $145 were with-held from employees. c. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. d. Sold merchandise on account for $1,262, including state sales taxes of S48. ( Note: Assume a periodic inventory system.) e. Employers share of Social Security and Medicare taxes for the period were $620 and $145, respectively. f. Borrowed cash under a 90-day, 9%, $25,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently).
Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): The percent a company adds to its cost of sales to determine selling price is called a markup. What is Tootsie Roll’s markup percent? Round to one decimal place.