Exercise 5-17 Oriole Corporation's balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $236,480 Land Current liabilities 31,100 Bonds payable 121,480 Common stock 91,100 Retained earnings (31,480) Total (11,000) 41,480 $479,160 Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents Total $151,480 101,480 181,100 45,100 $479,160 The following information is available for 2017. 1. Net income was $55,350. 2. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. 3. Depreciation expense was $5,480 on the building and $10,480 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. 6. An addition to the building was completed at a cost of $28,480. 7. A long-term investment (Equity) in stock was purchased for $16,000. 8. Bonds payable of $51,100 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000.

Exercise 5-17 Oriole Corporation's balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $236,480 Land Current liabilities 31,100 Bonds payable 121,480 Common stock 91,100 Retained earnings (31,480) Total (11,000) 41,480 $479,160 Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents Total $151,480 101,480 181,100 45,100 $479,160 The following information is available for 2017. 1. Net income was $55,350. 2. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. 3. Depreciation expense was $5,480 on the building and $10,480 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. 6. An addition to the building was completed at a cost of $28,480. 7. A long-term investment (Equity) in stock was purchased for $16,000. 8. Bonds payable of $51,100 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000.

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 15.17EX: Profitability ratios The following selected data were taken from the financial statements of...

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