Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available for Oriole Company for the year ended December 31, 2022. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable

image text in transcribedimage text in transcribedimage text in transcribed

The following information is available for Oriole Company for the year ended December 31, 2022. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds $58,500 4,810 210,600 10,660 14,300 369,330 45,500 15,600 6,110 375,700 33,800 260,000 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 e.g. (15,000).) Oriole Company Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income $ 369,330 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 210,600 Increase in Accounts Receivable 10,660 Increase in Inventory 14,300 Increase in Income Taxes Payable 6,110 Decrease in Accounts Payable 4,810 246480 Cash Flows from Operating Activities - 615810 Cash Flows from Investing Activities Sale of Land 45,500 Purchase of Building 4 375,700 Cash Flows from Investing Activities 421200 Cash Flows from Financing Activities Issuance of Bonds 260,000 Purchase of Treasury Stock 33,800 Purchase of Building Net Cash Provided by Financing Activities Net Cash Provided by Financing Activities Cash at Beginning of Period $58,500 Cash at End of Period $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles A Business Perspective Financial Accounting Chapters 9 To 18

Authors: Bill Buxton, Amy Sibiga

1st Edition

1461160863, 978-1461160861

More Books

Students also viewed these Accounting questions

Question

Q: The value of (tan 1 tan 2 tan 3 tan 89) is

Answered: 1 week ago

Question

Explain the different ways to turn on an SCR.

Answered: 1 week ago