Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 $ $ $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

ss

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 $ $
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 $ $
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Intangible assets
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS