Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. oriole automotive limited reported 2023 net income

Oriole Automotive Limited reported 2023 net income of $122,000 and sales of $379,000. Expenses for...

70.2K

Verified Solution

Question

Accounting

imageimage Oriole Automotive Limited reported 2023 net income of $122,000 and sales of $379,000. Expenses for the year were as follows: depreciation expense $33,000, cost of goods sold $140,000, salaries and wages expense $47,000, rent expense $16,000 and loss on the disposal of equipment $21,000. Upon a review of the comparative statements of financial position, you note the following details: increase in accounts receivable $4,100, increase in inventory $2,900, decrease in accounts payable $3,000, decrease in salaries and wages payable $3,800 and decrease in prepaid rent $1,200. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students