Question

The following items are taken from the financial statements of Oriole Company at December 31, 2022.

Land			$196,000
Accounts receivable			22,000
Supplies			11,000
Cash			11,800
Equipment			82,200
Buildings			261,000
Land improvements			46,400
Notes receivable (due in 2023)			5,700
Accumulated depreciation—land improvements			12,700
Common stock			71,500
Retained earnings (December 31, 2022)			505,000
Accumulated depreciation—buildings			34,400
Accounts payable			9,000
Mortgage payable			91,700
Accumulated depreciation—equipment			18,700
Interest payable			3,300
Income taxes payable			14,500
Patents			47,400
Investments in stock (long-term)			72,800
Debt investments (short-term)			4,500

Answer 1

Oriole Company Balance Sheet For the Year Ended December 31,2022
Assets
Current Assets:
Land	$ 196,000
Debt investments (short-term)	$ 4,500
Supplies	$ 11,000
Cash	$ 11,800
Notes receivable	$ 5,700
Accounts receivable	$ 22,000
Total Current Assets		$ 251,000
Investments:
Stock investments (long-term)		$ 72,800
Property,plant,and equipment:
Equipment	$ 82,200
Less: Accumulated depreciation - Equipment	($ 18,700)	$ 63,500
Buildings	$ 261,000
Less: Accumulated depreciation - Buildings	($ 34,400)	$ 226,600
Land improvements	$ 46,400
Less: Accumulated depreciation -Land imp.	($ 12,700)	$ 33,700
Intangible assets:
Patents		$ 47,400
Total Assets		$ 695,000
Liabilities and stockholders' Equity
Current liabilities:
Accounts payable	$ 9,000
Income taxes payable	$ 14,500
Interest payable	$ 3,300
Total Current liabilities		$ 26,800
Long-term Debt:
Mortgage payable		$ 91,700
Total liabilities		$ 118,500
Stockholders' Equity:
Common stock	$ 71,500
Retained earnings	$ 505,000
Total Stockholder's Equity		$ 576,500
Total liabilities and stockholders' equity		$ 695,000