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The following financial information is for Oriole Company. ORIOLE COMPANY Balance Sheets December 31 Assets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2025 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity 2022 $69,830 55,000 109,000 239,000 23,000 129,000 129,000 264,000 186,000 $888.830. $702,730 66,000 $174,298 $109,000 52,000 42,000 42.000 251.000 2021 204,000 $64,730 40,000 89,000 168,000 26,000 151.532 204,000 125,730 $888,830 $702,730 170,000

The following financial information is for Oriole Company. ORIOLE COMPANY Balance Sheets December 31 Assets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2025 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity 2022 $69,830 55,000 109,000 239,000 23,000 129,000 129,000 264,000 186,000 $888.830. $702,730 66,000 $174,298 $109,000 52,000 42,000 42.000 251.000 2021 204,000 $64,730 40,000 89,000 168,000 26,000 151.532 204,000 125,730 $888,830 $702,730 170,000

FINANCIAL ACCOUNTING
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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Sales revenue Cost of goods sold Gross profit Operating expenses Net income Additional information: 2. ORIOLE COMPANY Income Statements For the Years Ended December 31 3. 5. LIQUIDITY Current ratio Accounts receivables turnover Inventory turnover PROFITABILITY Profit margin Asset turnover Inventory at the beginning of 2021 was $115,000. Accounts receivable (net) at the beginning of 2021 were $89,000. Total assets at the beginning of 2021 were $633,000. No common stock transactions occurred during 2021 or 2022. All sales were on account. Compute the liquidity and profitability ratios of Oriole Company for 2021 and 2022. (Round current ratio, asset turnover and earnings per share to 2 decimal places, eg 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 1.8%. If % change is a decrease show the numbers as negative, eg-1.83% or (1.83%)) Return on assets 2022 $900,900 Earnings per share 651.200 5 249,700 195,646 $54,054 2021 $801,000 2022 580,150 220,850 164,780 $56,070 2022 % times % S :1 times times 2021 2021 % times % 11 times times % Change % CI
Transcribed Image Text:Sales revenue Cost of goods sold Gross profit Operating expenses Net income Additional information: 2. ORIOLE COMPANY Income Statements For the Years Ended December 31 3. 5. LIQUIDITY Current ratio Accounts receivables turnover Inventory turnover PROFITABILITY Profit margin Asset turnover Inventory at the beginning of 2021 was $115,000. Accounts receivable (net) at the beginning of 2021 were $89,000. Total assets at the beginning of 2021 were $633,000. No common stock transactions occurred during 2021 or 2022. All sales were on account. Compute the liquidity and profitability ratios of Oriole Company for 2021 and 2022. (Round current ratio, asset turnover and earnings per share to 2 decimal places, eg 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 1.8%. If % change is a decrease show the numbers as negative, eg-1.83% or (1.83%)) Return on assets 2022 $900,900 Earnings per share 651.200 5 249,700 195,646 $54,054 2021 $801,000 2022 580,150 220,850 164,780 $56,070 2022 % times % S :1 times times 2021 2021 % times % 11 times times % Change % CI
The following financial information is for Oriole Company, ORIOLE COMPANY Balance Sheets December 31 Assets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2025 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity 2022 $69,830 55,000 109,000 239,000 23,000 129,000 264,000 $888.830 66,000 2021 $ 64,730 40,000 89,000 168,000 42.000 26,000 $174,298 $109,000 52.000 42,000 129,000 186,000 $702,730 251.000 204,000 204,000 151,532 125,730 $888,830 $702,730 170,000
Transcribed Image Text:The following financial information is for Oriole Company, ORIOLE COMPANY Balance Sheets December 31 Assets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2025 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity 2022 $69,830 55,000 109,000 239,000 23,000 129,000 264,000 $888.830 66,000 2021 $ 64,730 40,000 89,000 168,000 42.000 26,000 $174,298 $109,000 52.000 42,000 129,000 186,000 $702,730 251.000 204,000 204,000 151,532 125,730 $888,830 $702,730 170,000
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