Current Attempt in Progress Selected information from Oriole Ltd's statement of financial position and statement of income is as follows: ORIOLE LTD. Statement of Financial Position (partial) December 31 2021 2020 Current assets Accounts receivable $7.600 $12.000 Inventory 6,000 4.100 Prepaid expenses 3.200 1,800 Current liabilities Accounts payable 3,800 2,100 Income tax payable 2.000 750 Property tax payable 2.700 1.050 Bank loan payable-current portion 5.000 9,400 ORIOLELTD. Statement of Income Year Ended December 31, 2021 Sales $210,000 Cost of goods sold 120,000 Gross profit 90,000 Operating expenses 51.000 Income from operations 39.000 Interest expense 1.900 Income before income tax 37,100 Income tax expense 3,800 Net income $33,300 Question 11 of 14 Income from operations Interest expense Income before income tax Income tax expense Net income 39.000 1.900 37.100 3,800 $33,300 Additional information: 1. The bank loan was received in the past to finance the purchase of equipment. Operating expenses included depreciation expense of $11.700 and a loss of $5,500 on the disposal of equipment. 2. Prepare the operating activities section of the statement of cash flows, using the indirect method. (Show amounts that decre flow with either a -sign eg. - 15,000 or in parenthesis eg. (15,000).) Prepare the operating activities section of the statement of cash flows, using the indirect method. (Show amounts that decreas flow with either a - signeg.-15,000 or in parenthesis eg. (15,000).) ORIOLE LTD. Statement of Cash Flows (Partial) Operating activities Net Income $1 Adjustments to reconcile net income to Cashflows from operating activities v Depreciation expense Loss on disposal of equipment Decrease in accounts payable Y Increase in inventory Increase in prepaid expenses Increase in accounts payable Increase in income tax payable Increase in property tax payable Net cash provided by operating activities $ Save for Later Attempts: 0 of 1 used Submit Answer TEM G