Oriole Ltd., which follows ASPE had the following comparative statement of financial position:Oriole Ltd.Comparative Statement of Financial PositionDecember 31Assets20212020Cash$ 83,50051,100Accountsreceivable138,500102,000InventoryPrepaid insurance77,000120,1009,6007,800Equipment309,500271.400Accumulated depreciation-equipment(70,000 )(52,000 )$ 548,100$ 500,400Total assetsLiabilities and Shareholders' Equity88.40072,500Accounts payable12,4007.700Salaries and wages payableIncome taxes payableMortgage payable16.40018,400110.400120.000219.000210.000Common shares101.50071,800Retained earninge$ 500.400$ 548,100Total liabilities and shareholders equityAdditional information:Net income was $57,300.New equipment was purchased and none was sold.Common shares were issued for cash.Cash dividends were paid to common shareholders.Prepare the statement of cash flows using the indirect format (Show amounts that decrease cash flow witheither a- sign eg -1500 rin parenthesis eg. (15,000))Oriole Ltd.Statement of Cash FlowsAdjustments toreconcile net income tonet cash provided by operating activities

Cash flow statement is prepared to know about the total cash inflow and outflow during the year.

Oriole Ltd, which follows ASPE had the following comparative statement of financial position: Oriole Ltd. Comparative Statement of Financial Position December 31 Assets 2021 2020 Cash $ 83.500 $ 51.100 Accountsreceivable 138,500 102,000 Inventory 77,000 120,100 Prepaid insurance 9,600 7,800 Equipment 309,500 271.400 Accumulated depreciation-equipment (70,000) (52,000 ) $ 500400 $548,100 Liabilities and Sharcholders' Equity Total assets 88,400 72,500 Accounts payable Salaries and wages pavable 12,400 7.700 18,400 120.000 210.000 16.400 Income taxes payable 110.400 Mortgage payable Common shares 219.000 101.500 71.800 Retained earnings $ 548.100 5 500.400 Total liabilities and shareholders' equity ditlonal information: Net income was $7,300. New equipment was purchased and none was sold. Common shares were issued for cash. Cash dividends were paid to common shareholders.

Oriole Ltd, which follows ASPE had the following comparative statement of financial position: Oriole Ltd. Comparative Statement of Financial Position December 31 Assets 2021 2020 Cash $ 83.500 $ 51.100 Accountsreceivable 138,500 102,000 Inventory 77,000 120,100 Prepaid insurance 9,600 7,800 Equipment 309,500 271.400 Accumulated depreciation-equipment (70,000) (52,000 ) $ 500400 $548,100 Liabilities and Sharcholders' Equity Total assets 88,400 72,500 Accounts payable Salaries and wages pavable 12,400 7.700 18,400 120.000 210.000 16.400 Income taxes payable 110.400 Mortgage payable Common shares 219.000 101.500 71.800 Retained earnings $ 548.100 5 500.400 Total liabilities and shareholders' equity ditlonal information: Net income was $7,300. New equipment was purchased and none was sold. Common shares were issued for cash. Cash dividends were paid to common shareholders.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.4.10P: Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of...

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