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Please see attached screenshots. Thank you! 3 (a) Question 3 of 6 :5 == ORIOLE. INC. Statement of Income Year Ended December 31. 2021 Sales
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3 (a)
Question 3 of 6 \":5 == ORIOLE. INC. Statement of Income Year Ended December 31. 2021 Sales $523,950 Cost of goods sold 185,550 Gross prot 388,400 Operating expenses 1 16,440 Income from o peration 5 221,960 Other income and expenses Unrealized gain on trading investments $8,000 Interest expense {4,700 } 3,300 Income before income tax 225,260 Income tax expense 42,000 Net income $233,260 Additional information regarding 2021: 1. Prepaid expenses and property tax payable relate to operating expenses. 2. New equipment costing $80,000 was purchased for $2 1,300 cash and a $58,200 longterm bank loan payable. 3. Old equipment having an original cost of $63,000 was sold for $ 1.100. 4. Accounts payable relate to inventory suppliers. 5. Some of the bank loan was repaid during the year. 6. A dividend was paid during the year. 2. Operating expenses include $46,200 of depreciation expense and a $8,400 loss on disposal of equipment. 8. Common shares were issued for $41,000 cash during the year and some common shares were bought back and retired at the cost they were originally issued at. [a] Prepare the statement of cash ows, using the indirect met hod. {Shawamounts thatdecxmse cash ow with either a - Sign 83. 45,000 or In parenthesis 9.3. {15.0001} ORIOLE, INC. Statement of Cash Flows Question 3 of 6 > (a) Prepare the 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 e.g. (15,000).) ORIOLE, INC. Statement of Cash Flows Adjustments to reconcile net income to V V V V $ V VQuestion 3 of6 - l 5 1* |:| Note X to the Statement of Cash Flows: During the year. the company:r purchased equipment costing $ ':| by paying $21,300 cash and issuing a $58,700 bank loan payable. Question 4 of6 - l 'l '5 View Policies Current Attempt in Progress Cullumber Corporation has accounts receivable of $17,500 at January 1, and of $31,000 at December 31. It also has a refund liability of $13,500 at January 1 and $9,200 at December 31. Sales were $210,000 for the year. What amount of cash did the company receive from customers? Cash received from customer Question 5 of6 / 1 E View Policies Current Attempt in Progress Columbia Sportswear Company reported cost of goods sold of US. $1,416 million on its 2018 statement of income. It also reported an increase in inventory of US. $64 million and an increase in accounts payable of US. $22 million. What amount of cash was paid to suppliers, assuming that the company uses a perpetual inventory system and that accounts payable relate to inventory purchases? Cash paid to suppliers $ million Question 6 of6 / 'I E View Policies Current Attempt in Progress Wild horse Corporation reports operating expenses (do not include cost of goods sold or salaries) of $260,000, including depreciation expense of $36,000, amortization expense of $5,700, and a gain of $1,900 on the disposal of equipment during the current year. During this same period, prepaid expenses increased by $13,600 and rent payable decreased by $4,600. Calculate the cash payments for other operating expenses. Cash payments for operating expensesStep by Step Solution
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