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Consolidated Statement of Cash Flows Sunny Valley Resort has owned 80 percent of Mountain Lodging, Inc. since Mountain Lodging's inception. The condensed consolidated balance sheets of Sunny Valley Resort at December 31, 2012 and 2011 and other relevant information are presented below: SUNNY VALLEY RESORT AND SUBSIDIARY Condensed Consolidated Balance Sheets December 31 (in thousands) 2012 2011 Assets Cash $360.000 5420.000 Other current assets 840.000 600.000 Plant assets 2.400.000 2520.000 Accumulated depreciation (900.000) (960.000) Goodwill 180.000 198.000 Total assets $2.880.000 52.778.000 Liabilities and Shareholders Equity Current liabilities S769.200 $930.000 Noncurrent liabilities 1,080.000 1,020.000 Shareholders equity-controlling interest 858.000 660.000 Noncontrolling interest 172.800 168.000 Total liabilities and shareholders' equity $2.880.000 $2.778.000 Additional information for 2012 (in thousands): 1. Consolidated net income to the controlling interest is $240,000. 2. Mountain Lodging reported net income of $72,000 on its own books, and paid $48,000 in dividends. 3. Consolidated depreciation expense was $210,000. 4. Plant assets with an original cost of $300,000 were retired from service and scrapped. Goodwill was impaired by $18,000. 5. Sunny Valley paid $42,000 in dividends. Prepare a consolidated statement of cash flows for 2012.

Consolidated Statement of Cash Flows Sunny Valley Resort has owned 80 percent of Mountain Lodging, Inc. since Mountain Lodging's inception. The condensed consolidated balance sheets of Sunny Valley Resort at December 31, 2012 and 2011 and other relevant information are presented below: SUNNY VALLEY RESORT AND SUBSIDIARY Condensed Consolidated Balance Sheets December 31 (in thousands) 2012 2011 Assets Cash $360.000 5420.000 Other current assets 840.000 600.000 Plant assets 2.400.000 2520.000 Accumulated depreciation (900.000) (960.000) Goodwill 180.000 198.000 Total assets $2.880.000 52.778.000 Liabilities and Shareholders Equity Current liabilities S769.200 $930.000 Noncurrent liabilities 1,080.000 1,020.000 Shareholders equity-controlling interest 858.000 660.000 Noncontrolling interest 172.800 168.000 Total liabilities and shareholders' equity $2.880.000 $2.778.000 Additional information for 2012 (in thousands): 1. Consolidated net income to the controlling interest is $240,000. 2. Mountain Lodging reported net income of $72,000 on its own books, and paid $48,000 in dividends. 3. Consolidated depreciation expense was $210,000. 4. Plant assets with an original cost of $300,000 were retired from service and scrapped. Goodwill was impaired by $18,000. 5. Sunny Valley paid $42,000 in dividends. Prepare a consolidated statement of cash flows for 2012.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use negative signs with your answers, when appropriate. Sunny Valley Resort and Subsidiary Consolidated Statement of Cash Flows For the year 2012 (in thousands) Cash from operating activities Consolidated net income 24 Add (subtract) items not affecting cash: Depreciation expense Goodwill impairment loss Loss on retirement of plant assets Changes in current assets and liabilities: Increase in other current assets Decrease in current liabilities Net cash from operating activities Cash from investing activities Acquisition of plant assets Cash from financing activities Increase in noncurrent liabilities Dividends paid to controlling shareholders Dividends paid to noncontrolling shareholders Net change in cash Plus cash balance, January 1 Cash balance, December 31
Transcribed Image Text:Use negative signs with your answers, when appropriate. Sunny Valley Resort and Subsidiary Consolidated Statement of Cash Flows For the year 2012 (in thousands) Cash from operating activities Consolidated net income 24 Add (subtract) items not affecting cash: Depreciation expense Goodwill impairment loss Loss on retirement of plant assets Changes in current assets and liabilities: Increase in other current assets Decrease in current liabilities Net cash from operating activities Cash from investing activities Acquisition of plant assets Cash from financing activities Increase in noncurrent liabilities Dividends paid to controlling shareholders Dividends paid to noncontrolling shareholders Net change in cash Plus cash balance, January 1 Cash balance, December 31
Consolidated Statement of Cash Flows Sunny Valley Resort has owned 80 percent of Mountain Lodging, Inc. since Mountain Lodging's inception. The condensed consolidated balance sheets of Sunny Valley Resort at December 31, 2012 and 2011 and other relevant information are presented below: SUNNY VALLEY RESORT AND SUBSIDIARY Condensed Consolidated Balance Sheets December 31 (in thousands) 2012 2011 Assets Cash $360,000 $420,000 Other current assets 840,000 600,000 Plant assets 2,400,000 2,520.000 Accumulated depreciation (900,000) (960,000) Goodwill 180,000 198,000 Total assets $2,880,000 $2,778.000 Liabilities and Shareholders' Equity Current liabilities $769,200 $930,000 Noncurrent liabilities 1,080,000 1,020,000 Shareholders' equity-controlling interest 858.000 660,000 Noncontrolling interest 172,800 168.000 Total liabilities and shareholders' equity $2,880,000 $2,778,000 Additional information for tho ds): 1. Consolidated net income to the controlling interest is $240,000. 2. Mountain Lodging reported net income of $72,000 on its own books, and paid $48,000 in dividends. 3. Consolidated depreciation expense was $210,000. 4. Plant assets with an original cost of $300,000 were retired from service and scrapped. Goodwill was impaired by $18,000. 5. Sunny Valley paid $42,000 in dividends. Prepare a consolidated statement of cash flows for 2012.
Transcribed Image Text:Consolidated Statement of Cash Flows Sunny Valley Resort has owned 80 percent of Mountain Lodging, Inc. since Mountain Lodging's inception. The condensed consolidated balance sheets of Sunny Valley Resort at December 31, 2012 and 2011 and other relevant information are presented below: SUNNY VALLEY RESORT AND SUBSIDIARY Condensed Consolidated Balance Sheets December 31 (in thousands) 2012 2011 Assets Cash $360,000 $420,000 Other current assets 840,000 600,000 Plant assets 2,400,000 2,520.000 Accumulated depreciation (900,000) (960,000) Goodwill 180,000 198,000 Total assets $2,880,000 $2,778.000 Liabilities and Shareholders' Equity Current liabilities $769,200 $930,000 Noncurrent liabilities 1,080,000 1,020,000 Shareholders' equity-controlling interest 858.000 660,000 Noncontrolling interest 172,800 168.000 Total liabilities and shareholders' equity $2,880,000 $2,778,000 Additional information for tho ds): 1. Consolidated net income to the controlling interest is $240,000. 2. Mountain Lodging reported net income of $72,000 on its own books, and paid $48,000 in dividends. 3. Consolidated depreciation expense was $210,000. 4. Plant assets with an original cost of $300,000 were retired from service and scrapped. Goodwill was impaired by $18,000. 5. Sunny Valley paid $42,000 in dividends. Prepare a consolidated statement of cash flows for 2012.
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