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Chapter 12 Part A: Part B: The comparative balance sheets for Oriole Company as of December 31 are presented below. 198 551 Oriole Company Comparative
Chapter 12
The comparative balance sheets for Oriole Company as of December 31 are presented below. 198 551 Oriole Company Comparative Balance Sheets December 31 Assets 2017 Cash $89.148 Accounts receivable 65.550 Inventory 198,551 Prepaid expenses 20,032 Land 190,095 Buildings 262.200 Accumulated depreciation-buildings (78,660) Equipment 294.975 Accumulated depreciation equipment (58.995) Total S982,896 2016 $ 58,995 76,038 186,162 27.531 170,430 262,200 (52.440) 203.205 (45.885) $886.236 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock $1 par Retained earnings Total 558,641 393,300 262,200 268,755 $47.196 393,300 209,760 235.980 SAR 82.896 81 V 2 Additional information: 1 Operating expenses include depreciation experse of $55.062. Land was sold for cash at book value. 3. Cash dividends of $15,732 were paid 4. Net Income for 2017 was $48.507. 5. Equipment was purchased for $120.612 cash. In addition, equipment costing $28,842 with a book value of $13.110 was sold for $10,488 cash. 6. 52.440 shares of $1 par value common stock were issued in exchange for land with a fair value of $52.440. W Unsignes Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method (Show amounts that decrease cash flow with either a signes -15,000 or in parenthesis es (15,000 Oriole Company Statement of Cash Flows Adjustments to reconcile net income to TS w Up Comparative Balance Sheets December 31 Assets 2017 2016 $138.976 $83.248 Cash Accounts receivable 151,016 193,500 Inventory Prepaid expenses 48,848 Long-term investments 65,360 176,902 44.720 187,480 417,100 (89,440) $885,370 237,360 490,200 (86,000) $1,173,900 Plant assets Accumulated depreciation Total $ 175.440 $ 115,756 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings 28,380 189,200 378,400 402.480 $1.173.900 36,120 251,120 301.000 181,374 $885,370 Total 5668.151 Income Statement Data For the Year Ended December 31, 2017 Sales revenue Less Cost of goods sold S232.991 Operating expenses, excluding depreciation 21.345 Depreciation expense 79.980 Income tax expense 46.922 Interest expense 8,136 Loss on disposal of plant assets 12.900 Net income 402,274 $265.877 Additional information 1 New plant assets costing $172.000 were purchased for cash during the year. 2. Old plant assets having an original cost of $98,900 and accumulated depreciation of $83,420 were sold for $2.580 cash 3. Bonds payable matured and were paid off at face value for cash. 4 A cash dividend of $44.771 was declared and paid during the year, Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either asian (15.000) -15.000 or in parenthesises Part A:
Part B:
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