Question

Oriole Company purchases $44,000 of raw materials on account, and it incurs $52,800 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Debit Credit 31 (To record raw materials purchased) (To record factory labor costs) 

          Oriole Company purchases $44,000 of raw materials on account, and it incurs $52,800 of factory labor costs.
Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (List all debit entries before credit entries.
Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation
Mar. 31
Debit
Credit
31
(To record raw materials purchased)
(To record factory labor costs)
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Oriole Company purchases 44,000 of raw materials on account, and it incurs52,800 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Debit Credit 31 (To record raw materials purchased) (To record factory labor costs)

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Horngren’s Cost Accounting
Horngren’s Cost Accounting
Srikant M. Datar, Madhav V. Rajan 16th Edition
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Mar. 31 Raw Materials Inventory 44,000 Accounts Payable 44,000 Factory Labor Costs 52,800 Accrued Liabilities 52,800
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The income statement of Oriole Company is presented here. ORIOLE COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue $7,521,200 Cost of goods sold Beginning inventory $1,952,100 Purchases 4,478,700 Goods available for sale 6,430,800 Ending inventory 1,749,300 Total cost of goods sold 4,681,500 Gross profit 2,839,700 Operating expenses Selling expenses 447,000 Administrative expenses 698,200 1,145,200 Net income $1,694,500 Additional information: 1. Accounts receivable decreased $403,600 during the year, and inventory decreased $202,800. 2. Prepaid expenses increased $173,600 during the year. 3. Accounts payable to suppliers of inventory decreased $330,900 during the year. 4. Accrued expenses payable decreased $106,500 during the year. 5. Administrative expenses include depreciation expense of $100,100. What is the Cash Payment for Operating expenses?

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Oriole Company has these comparative balance sheet data: ORIOLE COMPANY Balance Sheets December 31 2022 2021 Cash $25,635 $51,270 Accounts receivable (net) 119,630 102,540 Inventory 102,540 85,450 Plant assets (net) 341,800 307,620 $589,605 $546,880 Accounts payable $85,450 $102,540 Mortgage payable (15%) 170,900 170,900 Common stock, $10 par 239,260 205,080 Retained earnings 93,995 68,360 $589,605 $546,880 Additional information for 2022: 1. Net income was $33,900. 2. Sales on account were $395,200. Sales returns and allowances amounted to $28,100. 3. Cost of goods sold was $217,500. 4. Net cash provided by operating activities was $56,500. 5. Capital expenditures were $26,600, and cash dividends were $20,800. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation.) (a) Current ratio. :1 (b) Accounts receivable turnover. times (c) Average collection period. days (d) Inventory turnover. times (e) Days in inventory. days

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Transcript

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00:01 Hello students, let us solve the problem.
00:02 Here are the information given in the question that is sales revenue is given.
00:07 Sales revenue is 7 ,521 ,200 dollars and cost of goods sold is 1 ,950 ,200 dollars.
00:19 Purchases are 4 ,478 ,700 dollars.
00:23 So when we total our beginning inventory and purchases, we get 6 ,430 ,800 and we have to deduct ending inventory for this that is 1 ,749 ,300 which gives us when we 4 ,681 ,500 when we deduct sales revenue and cost of goods sold, we get gross profit as 2 ,839 ,700 and expenses are given in the question.
00:54 There are two expenses, selling expenses and administrative expenses that is 447 ,000 dollars for selling expenses and 698 ,200 dollars for administrative expenses.
01:08 When we add this we get 1 ,145 ,200 when we deduct the gross profit and expenses, we get 1 ,694 ,500 as a net income and there is also an additional information given in the question that is account receivable decreased to 403 ,600 dollars and inventory decreased to 202 ,800.
01:35 Prepaid expenses is 173 ,600 and total payable supplies of inventory is 330 ,900 during the year and expenses payable decreased to 106 ,500 dollars.
01:50 Administrative expenses include depreciation expenses of 100 ,100 dollars, cash payment of operating expenses we have to calculate.
01:59 So, let us start solving the problem.
02:04 So, oriole company cash flow that is an indirect method.
02:20 So, we have two amounts column for this.
02:33 So, our first thing is cash flow from operating activity...
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