Answered: The current sections of Oriole…

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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Question

The current sections of Oriole Company’s balance sheets at December 31, 2019 and 2020, are presented here.

Oriole’s net income for 2020 was $150,500. Depreciation expense was $25,000.

	2020	2019
Current assets
Cash	$107,500	$97,200
Accounts receivable	108,300	77,200
Inventory	159,000	172,100
Prepaid expenses	26,200	25,000
Total current assets	$401,000	$371,500
Current liabilities
Accrued expenses payable	$14,400	$8,100
Accounts payable	85,700	95,900
Total current liabilities	$100,100	$104,000

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. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Oriole Company Partial Statement of Cash Flows choose the accounting period
select an opening section name
select an item		$enter a dollar amount
Adjustments to reconcile net income to
select a closing subsection name
select an item	$enter a dollar amount
select an item	enter a dollar amount
select an item	enter a dollar amount
select an item	enter a dollar amount
select an item	enter a dollar amount
select an item	enter a dollar amount
		enter a total of the adjustments
select a closing section name		$enter a total amount for this section

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