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 2024 $60,000 77,000 27,500 1,000 2023 $46,500 64,000 V 47,000 Oriole's statement of income reported the following selected information for the year ended March 31, 2024: net income was $270,000, depreciation expense was $60,000, and a loss on the disposal of land was $16,000. 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).) 2,000 ORIOLE CORPORATION Statement of Cash Flows (Partial) Adjustments to reconcile net income to $ $ $
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 2024 $60,000 77,000 27,500 1,000 2023 $46,500 64,000 V 47,000 Oriole's statement of income reported the following selected information for the year ended March 31, 2024: net income was $270,000, depreciation expense was $60,000, and a loss on the disposal of land was $16,000. 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).) 2,000 ORIOLE CORPORATION Statement of Cash Flows (Partial) Adjustments to reconcile net income to $ $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The comparative statement of financial position for Oriole Corporation shows the following noncash current asset and liability
accounts at March 31:
2024
Accounts receivable $60,000 $46,500
58
Inventory
77,000
Accounts payable
27,500
Dividends payable
1,000
2023
64,000
47,000
V
Oriole's statement of income reported the following selected information for the year ended March 31, 2024: net income was
$270,000, depreciation expense was $60,000, and a loss on the disposal of land was $16,000. 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).)
2,000
ORIOLE CORPORATION
Statement of Cash Flows (Partial)
Adjustments to reconcile net income to
$
$
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