(Solved Homework): The following balances were taken from the books of Oriole Corp. on December 31, 2017….

The following balances were taken from the books of Oriole Corp. on December 31, 2017.

Interest revenue $87,000 Accumulated depreciation—equipment $41,000

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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.)


Income Statement

Sales Revenue




Sales Returns and Allowances





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