The income statement of Oriole Company is shown below ORIOLE COMPANY INCOME STAT

Question

The income statement of Oriole Company is shown below ORIOLE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,840,000 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $1,920,000 4,390,000 6,310,000 1,580,000 4,730,000 2,110,000 Gross profit Operating expenses Selling expenses Administrative expenses 460,000 710,000 1,170,000 $940,000 Net income Additional information: 1. Accounts receivable decreased $350,000 during the year. 2. Prepaid expenses increased $160,000 during the year 3. Accounts payable to suppliers of merchandise decreased $280,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Administrative expenses include depreciation expense of $50,000

Explanation / Answer

ORIOLE COMPANY Statement of Cash flows (Partial) For the year ended December 31, 2017 Cash flow from operating activities Cash receipt from customers ($6,840,000+$350,000) $ 7,190,000 Cash payment to suppliers $ 4,670,000 Cash payment to operating expenses $ 1,380,000 $ 6,050,000 Net cash provided by Operating activities $ 1,140,000

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