ORIOLE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,960 Cost of...

 

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ORIOLE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,960 Cost of goods sold 4,780 Gross margin 2,180 Selling and administrative expenses 920 Income from operations 1,260 Other revenues and gains Gain on sale of investments 80 Income before tax 1,340 Income tax expense 550 Net income 790 Cash dividends 260 Income retained in business $530 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000).) ORIOLE COMPANY Statement of Cash Flows For the Year Ended Dr Cash Provided by Pranding A V (Indirect Method) Adjustments to reconde net income to > < > > > V V > > > >>> > > ORIOLE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,960 Cost of goods sold 4,780 Gross margin 2,180 Selling and administrative expenses 920 Income from operations 1,260 Other revenues and gains Gain on sale of investments 80 Income before tax 1,340 Income tax expense 550 Net income 790 Cash dividends 260 Income retained in business $530 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000).) ORIOLE COMPANY Statement of Cash Flows For the Year Ended Dr Cash Provided by Pranding A V (Indirect Method) Adjustments to reconde net income to > < > > > V V > > > >>> > >