The comparative statement of financial position for Oriole Retailers Ltd. follows: ORIOLE RETAILERS LTD. Statement of Financial Position December 31 2021 Assets 2020 Cash $ 26,000 $ 8,000 Accounts receivable 47,000 38,000 172,000 145.000 158,000 77,000 Inventory Furniture Accumulated depreciation Total assets (41,000) (20,000) $362,000 248,000 $ 46,000 $ 32,000 18,000 11,000 Liabilities and Shareholders' Equity Accounts payable Bank loan payable (current portion) Bank loan payable (noncurrent portion) Common shares Retained earnings Total liabilities and shareholders' equity 89,000 68,000 60,000 55,000 149.000 82,000 $362,000 $ 248,000 Additional information regarding 2021: 1 2 3 Net income was $67.000 Depreciation expense was $21.000 Payments made to the bank pertaining to the bank loan were $10,000. The company obtained some new bank loans during the year. Common shares were issued during the year and the company did not buy back any shares During the year, the company did not sell any furniture. 4 5. Prepare a statement of cash flows using the indirect method for 2021 (Show amounts that decrease cash flow with either a signes. -15,000 or in parenthesis es (15,000).) ORIOLE RETAILERS LTD. Statement of Cash Flows Year Ended December 31, 2021 2 Cash nows from operating activities Net Income Adjustments to reconcile net income to Depreciation expense Increase in accounts payable 0001 Increase in inventory Increase in accounts receivable Cash flows from investing activities Purchase of furniture Cash Manuary Cash December 31