The following are selected ledger accounts of Oriole Corporation at December 31, 2025. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $236,800 684,800 5,472,000 149,760 3,566,080 43,520 34,560 88,320 42,240 30,720 69,120 119,040 61,440 46,080 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales commissions Telephone and Internet expense (sales) Utilities expense (office) Miscellaneous office expenses Rent revenue Casualty loss (before tax) Interest expense Common stock ($10 par) $363,520 442,880 19,200 101,120 92,160 182,400 106,240 21,760 40,960 10,240 307,200 89,600 225,620 683,750 Oriole's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2025 income statement for Oriole Corporation. (Round earnings per share to 2 decimal places, e.g. 1.4

The following are selected ledger accounts of Oriole Corporation at December 31, 2025. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $236,800 684,800 5,472,000 149,760 3,566,080 43,520 34,560 88,320 42,240 30,720 69,120 119,040 61,440 46,080 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales commissions Telephone and Internet expense (sales) Utilities expense (office) Miscellaneous office expenses Rent revenue Casualty loss (before tax) Interest expense Common stock ($10 par) $363,520 442,880 19,200 101,120 92,160 182,400 106,240 21,760 40,960 10,240 307,200 89,600 225,620 683,750 Oriole's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2025 income statement for Oriole Corporation. (Round earnings per share to 2 decimal places, e.g. 1.4

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...

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The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 111.0 $ 33.0 Accounts receivable 61.0 63.0 Less: Allowance for uncollectible accounts (6.0 ) (5.0 ) Dividends receivable 16.0 15.0 Inventory 68.0 63.0 Long-term investment 28.0 23.0 Land 83.0 40.0 Buildings and equipment 173.0 263.0 Less: Accumulated depreciation (9.0 ) (115.0 ) $ 525.0 $ 380.0 Liabilities Accounts payable $ 26.0 $ 33.0 Salaries payable 15.0 18.0 Interest payable 17.0 15.0 Income tax payable 20.0 21.0 Notes payable 43.0 0 Bonds payable 94.0…
The following information relates to SE10-5 through SE10-7: (in millions) Net sales... Cost of goods sold SE10-7. Gross profit. Selling and administrative expenses Income from operations Interest expense.. EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 Income before income taxes Income tax expense. Net income (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory.. Other current assets. Total current assets Property, plant, & equipment (net) Other assets. Total Assets Liabilities and Stockholders' Equity Current liabilities. Long-term liabilities. Total liabilities.. EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 Stockholders' equity - common. Total Liabilities and Stockholders' Equity.. 2019 9,800 (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 2019 100 900 500 400 2018 1,900 2,600 5,700 $10,200 9,300 (5,200) 4,100 (2,700) (220) (200) $980 $950 1,400 $ (250) 1,150 2018 300 800 650 250 2,000 2,500 5,900 $10,400…
The following information (in $ millions) comes from the Annual Report of Saratoga Springs Company for the year ending 12/31/2024: Year ended 12/31/2024 $ 8,139 4,957 2,099 Net sales Cost of goods sold Selling and administrative expense Interest expense Income before taxes Net income Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets Total current liabilities Long-term debt Total liabilities Total stockholders' equity 606 477 648 Profit margin on sales 12/31/2024 $ 1,165 1,200. 1,245 13,690 $ 17,300 $ 5,937 5,781 $ 11,718 $5,582 Required: Compute the profit margin on sales for 2024. Note: Round your answer to 1 decimal place, e.g., 0.1234 as 12.3%. 12/31/2023 $ 83 854 709 4,034 $ 5,680 $ 2,399 2,411 $ 4,810 $ 870
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
Comparitive balance sheet of Hillard Co. as of Dec 31, 2020 and 2021 is as under: Assets 2020 2021 Liabilities Cash Accounts Receivable Inventory Fixed Assets Investments Sales Cost of Goods Sold Gross profit 16,425 12,300 Salaries expenses Depreciation expense Income tax expense Admin. Expenses Net profit 16,100 163,000 13,500 221,325 28,025 10,600 Income statement for the year 2021 is as under: 18,400 206,300 9,200 272,525 829,400 614,450 214,950 12,900 11,600 1,150 164,400 24,900 Accounts Payable Salaries Payable Income tax payable Loans Payable Retained earnings Please prepare the cash flow statement using the indirect method. 2020 26,900 2,400 1,600 106,250 84,175 221,325 2021 33,450 3,100 2,050 113,250 120,675 272,525
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Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and cash equivalents $519,159 $274,579 Marketable securities 166,106 187,064 Accounts receivable (net) 232,548 260,190 Inventories 382,044 352,022 Prepaid expenses 49,832 22,958 Other current assets 83,053 85,029 Total Current Assets 1,432,742 1,181,842 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,384,962 $2,232,263 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 228,700 257,631 Accrued liabilities 246,292 150,285 Income taxes payable 87,962 161,020 Total Current Liabilities 1,024,330 907,355 Long-term debt 500,000 300,000 Deferred income taxes 193,515 236,164 Total Liabilities 1,717,845 1,443,519 Common stock $425,250…
5) Consider the following financial statement information for the ABC Corporation: Account 2018 2019 Cash $7,516 26,547 10,808 12,416 1,000 $133,844 $16,195 $85,733 $6,424 $10,697 36,986 13,110 13,555 1,200 $151,611 S16,177 $100,063 $6,520 Inventory Accounts Receivable Accounts Payable Notes Payable Net Revenue Net Income Cost of Goods Sold Depreciation Expense a) Calculate the cash conversion efficiency for 2018 and 2019. b) Calculate the net liquid balance for 2018 and 2019. c) Based on each of these measures, is the company more or less liquid in 2019 that it was in 2018? Explain. d) Determine the cash conversion period and the operating cycle for both years. e) Do the cash conversion cycle and operating cycle values suggest that there is a problem management needs to address? If so, explain what it is and what you can to do about it.
The current assets and liabilities sections of the comparative balance sheet of Wildhorse Inc., a private company reporting under ASPE, at October 31 are presented below, along with the income statement: WILDHORSE INC.Comparative Balance Sheet Accounts 2021 2020 Cash $72,270 $76,650 Accounts receivable 46,720 29,930 Inventory 23,725 33,580 Prepaid expenses 5,475 4,234 Accounts payable 31,390 26,280 Accrued expenses payable 3,650 5,840 Dividends payable 17,520 12,410 Income taxes payable 4,964 8,614 WILDHORSE INC.Income StatementYear Ended October 31, 2021 Sales $456,250 Cost of goods sold 284,700 Gross profit 171,550 Operating expenses $64,240 Depreciation expense 16,790 Loss on sale of equipment 5,840 86,870 Profit before income taxes 84,680 Income taxes 21,170 Profit $63,510 Prepare the…
The current assets and liabilities sections of the comparative balance sheet of Wildhorse Inc., a private company reporting under ASPE, at October 31 are presented below, along with the income statement: WILDHORSE INC.Comparative Balance Sheet Accounts 2021 2020 Cash $72,270 $76,650 Accounts receivable 46,720 29,930 Inventory 23,725 33,580 Prepaid expenses 5,475 4,234 Accounts payable 31,390 26,280 Accrued expenses payable 3,650 5,840 Dividends payable 17,520 12,410 Income taxes payable 4,964 8,614 WILDHORSE INC.Income StatementYear Ended October 31, 2021 Sales $456,250 Cost of goods sold 284,700 Gross profit 171,550 Operating expenses $64,240 Depreciation expense 16,790 Loss on sale of equipment 5,840 86,870 Profit before income taxes 84,680 Income taxes 21,170 Profit $63,510 Prepare the…
We are given the following information for Pettit Corporation. Sales (credit) Cash Inventory Current liabilities Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $2,068,000 150,000 923,000 763,000 a. Accounts receivable b. Marketable securities c. Capital assets. d. Long-term debt $ Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Calculate the following balance sheet items: LA LA LA $ $ 1.00 times 2.60 times $ 40 % 4 times 517000
Required Information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following sccount balances: Accounts Debit Credit $ 27,100 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipnent Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2822) 5e, 200 $ 6,200 22, B00 66, 800 25, e00 3,5ee 30,5ee 70, e00 55,e00 25,100 Common Stock Retained Earnings Totals $190,300 $198,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,e0e. The cards are redeenable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,88e. January 15 Firework sales for the first half of the month total $155,e0e. All of these sales are on account. The cost of the units sold is $83,88e. January 23 Receive $127,480 from custoners on accounts receivable. January 25 Pay $11e,eee to…