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The comparative statement of financial position for Oriole Corporation shows the following noncash current asset and liability accounts at March 31: Accounts receivable Inventory Accounts payable Dividends payable Operating activities Net income Depreciation expense 2018 $69,000 Loss on disposal of land Inventory increase 80,000 djustments to reconcile net income to Accounts receivable increase 34,000 Net cash provided (used) by operating 1,200 Statement of Cash Flows (Partial)-Indirect Method Month Ended March 31, 2018 2017 $43,500 63,000 46,000 2,000 $ $

The comparative statement of financial position for Oriole Corporation shows the following noncash current asset and liability accounts at March 31: Accounts receivable Inventory Accounts payable Dividends payable Operating activities Net income Depreciation expense 2018 $69,000 Loss on disposal of land Inventory increase 80,000 djustments to reconcile net income to Accounts receivable increase 34,000 Net cash provided (used) by operating 1,200 Statement of Cash Flows (Partial)-Indirect Method Month Ended March 31, 2018 2017 $43,500 63,000 46,000 2,000 $ $

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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Oriole's income statement reported the following selected information for the year ended March 31, 2018: net income was $270,000, depreciation expense was $68,000, and a loss on the disposal of land was $10,000. Oriole uses a perpetual inventory system. Calculate net cash provided (used) by operating activities 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).)
Transcribed Image Text:Oriole's income statement reported the following selected information for the year ended March 31, 2018: net income was $270,000, depreciation expense was $68,000, and a loss on the disposal of land was $10,000. Oriole uses a perpetual inventory system. Calculate net cash provided (used) by operating activities 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).)
The comparative statement of financial position for Oriole Corporation shows the following noncash current asset and liability accounts at March 31: Accounts receivable Inventory Accounts payable Dividends payable Operating activities Net income 2018 $69,000 Depreciation expense Loss on disposal of land 80,000 djustments to reconcile net income to Inventory increase 34,000 Net cash provided (used) by operating Accounts receivable increase Statement of Cash Flows (Partial)-Indirect Method Month Ended March 31, 2018 1,200 Accounts receivable decrease 2017 $43,500 63,000 46,000 Net cash provided by operating activiti 2,000 $ $ $
Transcribed Image Text:The comparative statement of financial position for Oriole Corporation shows the following noncash current asset and liability accounts at March 31: Accounts receivable Inventory Accounts payable Dividends payable Operating activities Net income 2018 $69,000 Depreciation expense Loss on disposal of land 80,000 djustments to reconcile net income to Inventory increase 34,000 Net cash provided (used) by operating Accounts receivable increase Statement of Cash Flows (Partial)-Indirect Method Month Ended March 31, 2018 1,200 Accounts receivable decrease 2017 $43,500 63,000 46,000 Net cash provided by operating activiti 2,000 $ $ $
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