The current sections of Oriole Inc.'s balance sheets at December 31, 2021 and 2022, are presented here. Oriole's net income for 2022was $152,400. Depreciation expense was $26,900.Current assetsCashAccounts receivableInventoryPrepaid expensesTotal current assetsCurrent liabilitiesAccrued expenses payableAccounts payableTotal current liabilitiesNet Income2022$104,800Depreciation ExpenseDecrease in Inventory81,500169,000Increase in Prepaid ExpensesCash Flows from Operating ActivitiesDecrease in Accounts Receivable$14,500Adjustments to reconcile net income toDecrease in Accounts Payable84,400$98,900Net Cash Provided by Operating Activities26,900$382,200 $380,000Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using theindirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)2021Increase in Accrued Expenses Payable$96,20089,200Net Cash Provided by Operating Activities V172,20022,400ORIOLE INC.Partial Statement of Cash FlowsFor the Year Ended December 31, 2022$9,80095,900$105,700$$152,40026,500178,900

The cash flow statement helps the company evaluate its financial performance by comparing its cash…

The current sections of Oriole Inc's balance sheets at December 31, 2021 and 2022, are presented here. Oriole's net income for 2022 was $152,400. Depreciation expense was $26,900. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities Net Income 2022 $104,800 Depreciation Expense 81,500 169,000 Decrease in Inventory Increase in Prepaid Expenses 26,900 $14,500 Cash Flows from Operating Activities Decrease in Accounts Receivable Decrease in Accounts Payable 84,400 Adjustments to reconcile net income to $98,900 Net Cash Provided by Operating Activities $382,200 $380,000 Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000)) 2021 Increase in Accrued Expenses Payable $96,200 89,200 Net Cash Provided by Operating Activities V 172,200 ORIOLE INC. Partial Statement of Cash Flows For the Year Ended December 31, 2022 22,400 $9,800 95,900 $105,700 $ 152,400 26,500

The current sections of Oriole Inc's balance sheets at December 31, 2021 and 2022, are presented here. Oriole's net income for 2022 was $152,400. Depreciation expense was $26,900. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities Net Income 2022 $104,800 Depreciation Expense 81,500 169,000 Decrease in Inventory Increase in Prepaid Expenses 26,900 $14,500 Cash Flows from Operating Activities Decrease in Accounts Receivable Decrease in Accounts Payable 84,400 Adjustments to reconcile net income to $98,900 Net Cash Provided by Operating Activities $382,200 $380,000 Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000)) 2021 Increase in Accrued Expenses Payable $96,200 89,200 Net Cash Provided by Operating Activities V 172,200 ORIOLE INC. Partial Statement of Cash Flows For the Year Ended December 31, 2022 22,400 $9,800 95,900 $105,700 $ 152,400 26,500

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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The current sections of Famous’s statements of financial position at December 31, 2019 and 2020, are presented here. Famous’s net income for 2020 was €147,000. Depreciation expense was €21,000. 2020 2019 Current assets Prepaid expenses €25,000 €27,000 Inventory 158,000 172,000 Accounts receivable 79,000 110,000 Cash 105,000 99,000 Total current assets €367,000 €408,000 Current liabilities Accrued expenses payable € 15,000 € 9,000 Accounts payable 85,000 95,000 Total current liabilities €100,000 €104,000 Instructions Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2020, using the indirect method.
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