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27 February, 10:21

Oriole Company compiled the following financial information as of December 31, 2022: Service revenue $849000 Common stock 196000 Equipment 254000 Operating expenses 734000 Cash 216000 Dividends 57000 Supplies 34000 Accounts payable 115000 Accounts receivable 87000 Retained earnings, 1/1/22 432000 Oriole's retained earnings on December 31, 2022 are:

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  1. 27 February, 12:14
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    Oriole's retained earnings on December is $337,000

    Explanation:

    December 31, 2022:

    Service revenue $849000

    Operating expenses $734000

    Asset

    Equipment $254000

    Cash $216000

    Accounts receivable $87000

    Supplies $34000

    Total Assets $591,000

    Equity and Liabilities

    Common stock $196000

    Retained Earning $337,000

    Less: Dividends $57000

    Accounts payable $115000

    Total Equity & Liabilities $591,000

    Oriole's retained earnings on December 31, 2022 = $591,000 - 115,000 - 196,000 + 57,000 = $337,000

    Retained earnings, 1/1/22 $432000
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