The following balances were taken from the books of Oriole Corp. on December 31, 2017.
Interest revenue $87,000 Accumulated depreciation—equipment $41,000
Cash 52,000 Accumulated depreciation—buildings 29,000
Sales revenue 1,381,000 Notes receivable 156,000
Accounts receivable 151,000 Selling expenses 195,000
Prepaid insurance 21,000 Accounts payable 171,000
Sales returns and allowances 151,000 Bonds payable 101,000
Allowance for doubtful accounts 8,000 Administrative and general expenses 98,000
Sales discounts 46,000 Accrued liabilities 33,000
Land 101,000 Interest expense 61,000
Equipment 201,000 Notes payable 101,000
Buildings 141,000 Loss from earthquake damage 151,000
Cost of goods sold 622,000 Common stock 501,000
Retained earnings 22,000
Assume the total effective tax rate on all items is 34%.
Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.)
ORIOLE CORP.
Income Statement
Sales Revenue
$
1381000
:
Sales Returns and Allowances
$
151000
:
$
