Oriole Corporation Comparative Balance Sheets December 31 2027 2026 Cash $15,300 $11,300 Accounts receivable 21,000 23,500 Land 21,500 27,600 Buildings 71,000 71,000 Accumulated depreciation-buildings (16,000) (10,200) Total $112,800 $123,200 Accounts payable $12,500 $31,400 Common stock 75,000 70,000 Retained earnings 25,300 21,800 Total $112,800 $123,200 Additional information: 1. Net income was $22,700. Dividends declared and paid were $19,200. 2 No noncash investing and financing activities occurred during 2027. 3. The land was sold for cash of $4,200. (a) Prepare a statement of cash flows for 2027 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis eg. (15,000)) ORIOLE CORPORATION Statement of Cash Flows - Indirect Method Cash Flows from Operating Activities Net Income For the Year Ended December 31, 2027 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Net Cash Provided by Operating Activities Cash Flows from Investing Activities Net Cash Used by Investing Activities Cash Flows from Financing Activities Net Cash Used by Financing Activities $

Oriole Corporation Comparative Balance Sheets December 31 2027 2026 Cash $15,300 $11,300 Accounts receivable 21,000 23,500 Land 21,500 27,600 Buildings 71,000 71,000 Accumulated depreciation-buildings (16,000) (10,200) Total $112,800 $123,200 Accounts payable $12,500 $31,400 Common stock 75,000 70,000 Retained earnings 25,300 21,800 Total $112,800 $123,200 Additional information: 1. Net income was $22,700. Dividends declared and paid were $19,200. 2 No noncash investing and financing activities occurred during 2027. 3. The land was sold for cash of $4,200. (a) Prepare a statement of cash flows for 2027 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis eg. (15,000)) ORIOLE CORPORATION Statement of Cash Flows - Indirect Method Cash Flows from Operating Activities Net Income For the Year Ended December 31, 2027 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Net Cash Provided by Operating Activities Cash Flows from Investing Activities Net Cash Used by Investing Activities Cash Flows from Financing Activities Net Cash Used by Financing Activities $

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter8: Investing Activities

Section: Chapter Questions

Problem 1.3AIC: Estimate the average total estimated useful life of depreciable property, plant, and equipment....

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What is the net book value of asset
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