Brief Exercise 23-4

Oriole Corporation had the following 2017 income statement.

Sales revenue		$202,000
Cost of goods sold		132,000
Gross profit		70,000
Operating expenses (includes depreciation of $20,000)		51,000
Net income		$19,000

The following accounts increased during 2017: Accounts Receivable $11,000, Inventory $12,000, Accounts Payable $14,000. Prepare the cash flows from operating activities section of Orioles 2017 statement of cash flows using the direct method.

Oriole Corporation Statement of Cash Flows-Direct Method (Partial)