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Exercise 5-17 Oriole Corporation's balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $236,480 Land Current liabilities 31,100 Bonds payable 121,480 Common stock 91,100 Retained earnings (31,480) Total (11,000) 41,480 $479,160 Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents Total $151,480 101,480 181,100 45,100 $479,160 The following information is available for 2017. 1. Net income was $55,350. 2. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. 3. Depreciation expense was $5,480 on the building and $10,480 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. 6. An addition to the building was completed at a cost of $28,480. 7. A long-term investment (Equity) in stock was purchased for $16,000. 8. Bonds payable of $51,100 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000.

Exercise 5-17 Oriole Corporation's balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $236,480 Land Current liabilities 31,100 Bonds payable 121,480 Common stock 91,100 Retained earnings (31,480) Total (11,000) 41,480 $479,160 Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents Total $151,480 101,480 181,100 45,100 $479,160 The following information is available for 2017. 1. Net income was $55,350. 2. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. 3. Depreciation expense was $5,480 on the building and $10,480 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. 6. An addition to the building was completed at a cost of $28,480. 7. A long-term investment (Equity) in stock was purchased for $16,000. 8. Bonds payable of $51,100 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 5-17 Oriole Corporation's balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $236,480 Current liabilities Land 31,100 Bonds payable 121,480 Common stock 91,100 Retained earnings (31,480) Total (11,000) 41,480 $479,160 Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents Total $151,480 101,480 181,100 45,100 $479,160 The following information is available for 2017. 1. Net income was $55,350. 2. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. 3. Depreciation expense was $5,480 on the building and $10,480 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. 6. An addition to the building was completed at a cost of $28,480. 7. A long-term investment (Equity) in stock was purchased for $16,000. 8. Bonds payable of $51,100 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000.
Transcribed Image Text:Exercise 5-17 Oriole Corporation's balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000) $236,480 Current liabilities Land 31,100 Bonds payable 121,480 Common stock 91,100 Retained earnings (31,480) Total (11,000) 41,480 $479,160 Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents Total $151,480 101,480 181,100 45,100 $479,160 The following information is available for 2017. 1. Net income was $55,350. 2. Equipment (cost $21,480 and accumulated depreciation $9,480) was sold for $11,480. 3. Depreciation expense was $5,480 on the building and $10,480 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,480. 6. An addition to the building was completed at a cost of $28,480. 7. A long-term investment (Equity) in stock was purchased for $16,000. 8. Bonds payable of $51,100 were issued. 9. Cash dividends of $30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $11,000.
Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) ORIOLE CORPORATION Statement of Cash Flows Adjustments to reconcile net income to J +1 H ✓ ✓ J
Transcribed Image Text:Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) ORIOLE CORPORATION Statement of Cash Flows Adjustments to reconcile net income to J +1 H ✓ ✓ J
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