Question 3 Condensed financial data follow for Oriole Ltd. E- Perform reports under ASPE. y. ORIOLE LTD. Balance Sheet December 31 Assets 2017 2016 Cash $110,910 $49,300 Accounts receivable 76,200 44,500 Inventory 123,900 95,550 Prepaid expenses 38,600 24,800 Long-term investments 129,100 115,100 Property, plant, and equipment 272,000 241,900 Accumulated depreciation (55,900) (52,200) Total assets $694,810 $518,950 Liabilities and Shareholders' Equity Accounts payable $90,400 $79,900 Accrued expenses payable 11,800 6,600 Notes payable 111,000 141,900 Common shares 242,700 181,600 Retained earnings 238,910 108,950 Total liabilities and shareholders' equity $694,810 $518,950 ORIOLE LTD. Income Statement Year Ended December 31, 2017 Sales $491,800 Cost of goods sold 188,400 Gross profit 303,400 Operating expenses $59,200 Depreciation expense 45,000 Loss on sale of equipment 7,960 112,160 ad Windows Retained eaming 238,910 108,950 Total abilities and shareholders' equity $694,810 $518,950 by Study ORIOLE LTD. Income Statement Year Ended December 31, 2017 Sales $491,800 Cost of goods sold 188,400 Gross profit 303,400 Operating expenses $59,200 Depreciation expense 45,000 Loss on sale of equipment 7,960 112,160 Profit from operations 191,240 Other expenses Interest expense 5,150 Profit before income tax 186,090 Income tax expense 43,500 Profit $142,590 Additional information: 1. New equipment costing $87,100 was purchased for $29,000 cash and a $58,100 note payable. 2. Equipment with an original cost of $57,000 was sold at a loss of $7,960 3. Notes payable matured during the year and were repaid. 4. A long-term investment was acquired for cash 5. Accounts payable relate only to merchandise creditors. 6. Accrued expenses payable and prepaid expenses relate to operating expenses. Prepare the operating section of the cash flow statement using the direct method. (Show amounts that decrease cas ORIOLE LTD. Cash Flow Statement (Partial) - Direct Method Year Ended December 31, 2017 the web and Windows 0 CHE Weygandt, Accounting Principles, Seventh Canadian Edition, Volume 2 Help | System Announcements Prepare the operating section of the cash flow statement using the direct method. (Show amounist e.g. (15,000).) ORIOLE LTD. Cash Flow Statement (Partial)-Direct Method $ LINK TO TEXT LINK TO TEXT search )