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Question 7 of 8 1.56/2 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Condensed financial data of Oriole Company for 2020 and 2019 are presented below. 2019 $1.170 1,320 ORIOLE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 Cash $1,770 Receivables 1,790 Inventory 1.610 Plant assets 1.910 Accumulated depreciation (1.200) Long-term investments (held-to-maturity) 1,300 $7,180 1,940 1,680 (1.190) 1,420 $6,340 $1,210 $910 200 240 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 1.370 1,560 1,880 1.740 2.520 1,890 $7,180 $6,340 ORIOLE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7.010 Cost of goods sold 4.730 Gross margin 2.280 Selling and administrative expenses Income from operations 1,350 930 Other revenues and gains Gain on sale of investments 80 1,430 540 Income before tax Income tax expense Net income Cash dividends Income retained in business 890 260 $630 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis eg. (15,000).) ORIOLE COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Indirect Method) Cash Flows from Operating Activities Net Income 890 Cash Flows from Investing Activities Gain on Sale of Investments 200 Purchase of Plant Assets - 160 Net Cash Provided by Investing Activities 40 Cash Flows from Financing Activities Redemption of Bonds Payable - 190 Issuance of Capital Stock 70 Payment of Cash Dividends -260 Net Cash Used by Financing Activities 380 Net Increase in Cash 600 Adjustments to reconcile net income to Cash Flows from Operatine Activities Depreciation Expense $ 10 Gain on Sale of Investments -80 Increase in Accounts Receivable -470 Decrease in Inventory 330 Increase in Accounts Payable 300 Decrease in Accrued Liabilities -40 50 Net Cash Provided by Operating Activities 940 Cash Flows from Investing Activities Net Cash Used by Financing Activities 380 Net Increase in Cash 600 1170 Cash at End of Period Sale of Investments 1770 eTextbook and Media Save for Later Attempts: 1 of 5 used Submit Answer Issuance of Capital Stock 70 Payment of Cash Dividends -260 380 600 1170 Increase in Inventory Depreciation Expense Net Income Purchase of Plant Assets Issuance of Common Stock for Plant Assets Decrease in Accounts Receivable Decrease in Accrued Liabilities Issuance of Capital Stock Redemption of Bonds Payable Loss on Sale of Investments Increase in Accounts Payable Decrease in Inventory Decrease in Accounts Payable Gain on Sale of Investments Increase in Accounts Receivable Sale of Investments Payment of Cash Dividends Increase in Accrued Liabilities eTextbook and Media 1770 Net increase in Cash 1170 Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash Noncash Investing and Financing Activities 1770 Attempts: 1 of 5 used Submit
