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Illini Inn Condensed Income Statement For the year ended December 31, 20X2 Sales $1,600,000 200,000 1,400,000 Cost of Goods Sold Contribution Margin Undistributed Operating Expenses Gross Operating Profit Depreciation Expense Amortization Expense 950,000 450,000 200,000 100,000 Income Before Tax Income Tax 150,000 50,000 Net Income $ 100,000 Additional information: 1. Equipment was purchased for $300,000. 2. Dividends of $50,000 were declared and paid during 20X2. 3. Long-term debt of $50,000 was reclassified as current at the end of 20X2. Required: Prepare the SCF, with supplementary disclosures, for the Illini Inn using the indirect method.

Illini Inn Condensed Income Statement For the year ended December 31, 20X2 Sales $1,600,000 200,000 1,400,000 Cost of Goods Sold Contribution Margin Undistributed Operating Expenses Gross Operating Profit Depreciation Expense Amortization Expense 950,000 450,000 200,000 100,000 Income Before Tax Income Tax 150,000 50,000 Net Income $ 100,000 Additional information: 1. Equipment was purchased for $300,000. 2. Dividends of $50,000 were declared and paid during 20X2. 3. Long-term debt of $50,000 was reclassified as current at the end of 20X2. Required: Prepare the SCF, with supplementary disclosures, for the Illini Inn using the indirect method.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 60P
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Additional infe Illini Inn Condensed Income Statement 1. Dividend 2. The café date of For the year ended December 31, 20X2 Sales Cost of Goods Sold $1,600,000 200,000 3. Marke Contribution Margin Undistributed Operating Expenses Gross Operating Profit Depreciation Expense Amortization Expense Assur 1,400,000 950,000 4. Required- 450,000 200,000 100,000 Prepare Income Before Tax 150,000 50,000 Income Tax Net Income The or $ 100,000 Susar Additional information: She i 1. Equipment was purchased for $300,000. 2. Dividends of $50,000 were declared and paid during 20X2. 3. Long-term debt of $50,000 was reclassified as current at the end of 20X2. Required: Prepare the SCF, with supplementary disclosures, for the Illini Inn using the indirect method.
Transcribed Image Text:Additional infe Illini Inn Condensed Income Statement 1. Dividend 2. The café date of For the year ended December 31, 20X2 Sales Cost of Goods Sold $1,600,000 200,000 3. Marke Contribution Margin Undistributed Operating Expenses Gross Operating Profit Depreciation Expense Amortization Expense Assur 1,400,000 950,000 4. Required- 450,000 200,000 100,000 Prepare Income Before Tax 150,000 50,000 Income Tax Net Income The or $ 100,000 Susar Additional information: She i 1. Equipment was purchased for $300,000. 2. Dividends of $50,000 were declared and paid during 20X2. 3. Long-term debt of $50,000 was reclassified as current at the end of 20X2. Required: Prepare the SCF, with supplementary disclosures, for the Illini Inn using the indirect method.
balance sheets and the income statement of the Illini Inn. Property and Equipment (net) You have been hired by D. Smith, a successful entrepreneur, to prepare a statement of cash flows for his two-year-old hotel, the Illini Inn. The following are copies of the condensed Problem 10 as e Illini Inn Condensed Balance Sheets December 31, 20X1 and 20X2 Cash Accounts Receivable Inventory 20X1 20X2 %24 30,000 190,000 30,000 1,400,000 200,000 $1,850,000 $ 40,000 225,000 35,000 1,500,000 100,000 $1,900,000 Other Assets Total Assets Accounts Payable Wages Payable Current Maturities of LTD $ 185,000 15,000 50,000 950,000 1,200,000 700,000 $ 140,000 10,000 50,000 Long-Term Debt Total Liabilities 1,000,000 1,200,000 650,000 $1,850,000 Owners' Equity Total Liabilities and Owners' Equity $1,900,000
Transcribed Image Text:balance sheets and the income statement of the Illini Inn. Property and Equipment (net) You have been hired by D. Smith, a successful entrepreneur, to prepare a statement of cash flows for his two-year-old hotel, the Illini Inn. The following are copies of the condensed Problem 10 as e Illini Inn Condensed Balance Sheets December 31, 20X1 and 20X2 Cash Accounts Receivable Inventory 20X1 20X2 %24 30,000 190,000 30,000 1,400,000 200,000 $1,850,000 $ 40,000 225,000 35,000 1,500,000 100,000 $1,900,000 Other Assets Total Assets Accounts Payable Wages Payable Current Maturities of LTD $ 185,000 15,000 50,000 950,000 1,200,000 700,000 $ 140,000 10,000 50,000 Long-Term Debt Total Liabilities 1,000,000 1,200,000 650,000 $1,850,000 Owners' Equity Total Liabilities and Owners' Equity $1,900,000
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