Oriole Ltd, which follows ASPE had the following comparative statement of financial position: Oriole Ltd. Comparative Statement of Financial Position December 31 Assets 2021 2020 Cash $ 83.500 $ 51.100 Accountsreceivable 138,500 102,000 Inventory 77,000 120,100 Prepaid insurance 9,600 7,800 Equipment 309,500 271.400 Accumulated depreciation-equipment (70,000) (52,000 ) $ 500400 $548,100 Liabilities and Sharcholders' Equity Total assets 88,400 72,500 Accounts payable Salaries and wages pavable 12,400 7.700 18,400 120.000 210.000 16.400 Income taxes payable 110.400 Mortgage payable Common shares 219.000 101.500 71.800 Retained earnings $ 548.100 5 500.400 Total liabilities and shareholders' equity ditlonal information: Net income was $7,300. New equipment was purchased and none was sold. Common shares were issued for cash. Cash dividends were paid to common shareholders.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Oriole Ltd., which follows ASPE had the following comparative statement of financial position:
Oriole Ltd.
Comparative Statement of Financial Position
December 31
Assets
2021
2020
Cash
$ 83,500
51,100
Accountsreceivable
138,500
102,000
Inventory
Prepaid insurance
77,000
120,100
9,600
7,800
Equipment
309,500
271.400
Accumulated depreciation-equipment
(70,000 )
(52,000 )
$ 548,100
$ 500,400
Total assets
Liabilities and Shareholders' Equity
88.400
72,500
Accounts payable
12,400
7.700
Salaries and wages payable
Income taxes payable
Mortgage payable
16.400
18,400
110.400
120.000
219.000
210.000
Common shares
101.500
71,800
Retained earninge
$ 500.400
$ 548,100
Total liabilities and shareholders equity
Additional information:
Net income was $57,300.
New equipment was purchased and none was sold.
Common shares were issued for cash.
Cash dividends were paid to common shareholders.
Prepare the statement of cash flows using the indirect format (Show amounts that decrease cash flow witheither a- sign eg -1500 r
in parenthesis eg. (15,000))
Oriole Ltd.
Statement of Cash Flows
Adjustments toreconcile net income to
net cash provided by operating activities
Transcribed Image Text:Oriole Ltd., which follows ASPE had the following comparative statement of financial position: Oriole Ltd. Comparative Statement of Financial Position December 31 Assets 2021 2020 Cash $ 83,500 51,100 Accountsreceivable 138,500 102,000 Inventory Prepaid insurance 77,000 120,100 9,600 7,800 Equipment 309,500 271.400 Accumulated depreciation-equipment (70,000 ) (52,000 ) $ 548,100 $ 500,400 Total assets Liabilities and Shareholders' Equity 88.400 72,500 Accounts payable 12,400 7.700 Salaries and wages payable Income taxes payable Mortgage payable 16.400 18,400 110.400 120.000 219.000 210.000 Common shares 101.500 71,800 Retained earninge $ 500.400 $ 548,100 Total liabilities and shareholders equity Additional information: Net income was $57,300. New equipment was purchased and none was sold. Common shares were issued for cash. Cash dividends were paid to common shareholders. Prepare the statement of cash flows using the indirect format (Show amounts that decrease cash flow witheither a- sign eg -1500 r in parenthesis eg. (15,000)) Oriole Ltd. Statement of Cash Flows Adjustments toreconcile net income to net cash provided by operating activities
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