Oriole Company's income statement contained the following condensed information. ORIOLE COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 = $74,400 40,300 12.900 2021 $61000 27.000 $624,500 54,600 24.100 Oriole's balance sheets contained the comparative data at December 31, shown below. 6,400 $972,000 703,200 268,800 40,100 $228.700 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15.000))
Oriole Company's income statement contained the following condensed information. ORIOLE COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 = $74,400 40,300 12.900 2021 $61000 27.000 $624,500 54,600 24.100 Oriole's balance sheets contained the comparative data at December 31, shown below. 6,400 $972,000 703,200 268,800 40,100 $228.700 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15.000))
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Accounts payable pertain to operating expenses.
Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow
with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000))
Cash Flows from Operating Activities
Net Income
Less Y cash payments:
Increase in Accounts Payable
ORIOLE COMPANY
Partial Statement of Cash Flows
For the Year Ended December 31, 2022
Increase in Accounts Receivable
Net Cash Provided by Operating Activities ✓
S
1

Transcribed Image Text:Oriole Company's income statement contained the following condensed information
ORIOLE COMPANY
Income Statement
For the Year Ended December 31, 2022
Service revenue
Operating expenses, excluding depreciation $624.500
Depreciation expense
Loss on disposal of plant assets
Income before income taxes
Income tax expense
Net income
Accounts receivable
Accounts payable
Income taxes payable
2022
$74,400
40.300
Oriole's balance sheets contained the comparative data at December 31, shown below.
12.900
2021
54,600
$61000
27.000
6.400
24.100
$972,000
703,200
268,800
40,100
$228.700
Accounts payable pertain to operating expenses.
Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow
with either a-sign e.g.-15.000 or in parenthesis e.g. (15.000))
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