Current Liabilities and Contingencies

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Described below are certain transactions of Oriole Corporation. The company uses the periodic inventory system.


On February 2, the corporation purchased goods from Martin Company for $76,400 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26.


On April 1, the corporation bought a truck for $45,000 from General Motors Company, paying $5,000 in cash and signing a one-year, 10% note for the balance of the purchase price.


On May 1, the corporation borrowed $86,400 from Chicago National Bank by signing a $95,760 zero-interest-bearing note due one year from May 1.


On August 1, the board of directors declared a $311,300 cash dividend that was payable on September 10 to stockholders of record on August 31.

Answer the empty box or separate the in word document and show the solution.

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