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5 of 5 View Policies < Current Attempt in Progress Presented here are the financial statements of Oriole Company. ORIOLE COMPANY Comparative Balance Sheets December 31 Assets 2022 2021 Cash $37,700 $20,000 Accounts receivable 32,300 18,300 Inventory 30,200 20,200 Property, plant, and equipment 59,700 77,400 Accumulated depreciation (29,400) (23,500) Total $130,500 $112,400 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total ORIOLE COMPANY Income Statement $28,100 $16,900 7,500 8,400 26,900 32,400 17,600 14,000 50,400 40,700 $130,500 $112,400 For the Year Ended December 31, 2022 Sales revenue $242,600 Cost of goods sold 175,300 Gross profit 67,300 Selling expenses $18,675 Administrative expenses 6,225 24,900 Income from operations 42,400 Interest expense 3,100 Income before income taxes 39,300 Income tax expense 7,860 Net income $31,440 -/1 E III Additional data: 1. Depreciation expense was $17,000. 2. Dividends declared and paid were $21,740. 3. During the year, equipment was sold for $6,600 cash. This equipment originally cost $17,700 and had accumulated depreciation of $11,100 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. (a) Prepare a statement of cash flows 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).) Adjustments to reconcile net income to eTextbook and Media Save for Later ORIOLE COMPANY Statement of Cash Flows $ $ $ Attempts: 0 of 5 used Submit

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