Please fill in blanks

ORIOLELTD. Statement of Financial Position December 31 Assets 2021 Cash $56,000 Accounts receivable 89,000 Inventory 174,000 Estimated inventory returns 8,000 Long-term investments 75,000 Equipment 255,000 Accumulated depreciation (77,000) Total assets $580,000 2020 $29,000 85,000 185,000 6,000 140,000 178,000 (32,000) $591,000 Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity $23,000 7,000 156,000 197,000 197,000 $580,000 $ 44,500 5,000 230,500 179,000 132,000 $591,000 7,000 Refund liability Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity 156,000 197,000 197,000 $580,000 5,000 230,500 179,000 132,000 $591,000 Additional information pertaining to 2021: 1. 2. 3. 4. 5. 6. Net income was $78,600. Sales were $970,000. Cost of goods sold was $760,000. Operating expenses were $49,000, exclusive of depreciation expense. Depreciation expense was $45,000. Interest expense was $17,000. Income tax expense was $26,000. Long-term investments were sold at a gain of $5,600. No equipment was sold during the year. $74,500 of the bank loan was repaid during the year. Common shares were issued for $18,000. 7. 8. 9. 10. 11. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -45,000, or in parenthesis e.g. (45,000).) ORIOLE LTD. Statement of Cash Flows-Indirect Method Year Ended December 31, 2021 Cash flows from operating activities Net income $ Adjustments to reconcile net income to Increase in accounts receivable $ Decrease in inventory Decrease in accounts payable Increase in refund liability V Gain on sale of long-term investments V 45000 Question 4 of 4 > $ $ $ $ e Textbook and Media Save for Later Attempts: 1 of 15 used Submit