Help System Announcements ORIOLE LTD. Statement of Financial Position December 31 Assets 2018 2017 Cash $56,000 $29,000 Accounts receivable 89,000 75,000 Inventory 182,000 201,000 Long-term investments 75,000 140,000 Equipment 255,000 178,000 Accumulated depreciation (67,000) (32,000) Total assets $590,000 $591,000 Liabilities and Shareholders' Equity Accounts payable $30,000 Bank loan payable 166,000 Common shares 197,000 Retained earnings 197,000 Total liabilities and shareholders' equity $590,000 $ 49,500 230,500 179,000 132,000 $591,000 Additional information: 1. Net Income was $88,600. 2. Sales were $970,000. 3. Cost of goods sold was $760,000. Operating expenses were $49,000, exclusive of depreciation expense. 5. Depreciation expense was $35,000. 6. Interest expense was $17,000. 7. Income tax expense was $26,000. 8. Long-term investments were sold at a gain of $5,600. 9. No equipment was sold during the year. 10. $64,500 of the bank loan was repaid during the year. 11. Common shares were issued for $18,000. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease ca ORIOLE LTD. Statement of Cash Flows-Indirect Method 3. Cost of goods sold was $750,000 4. Operating expenses were $49,000, exclusive of depreciation Expense. 5. Deprecation expense was $35,000. 5. Interest expense was $17.000. 7 Income tax expense was $25,000 B. Long-term investments were sold at again of $5,500. 9. No equipment was sold during the year 10 $64,500 of the bank loan was repaid during the yea 11. Common shares were issued for $18,000. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either - sign .g. -45,000, or in parenthe ORIOLE LTD. Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to $ V Type here to search o RI