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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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