Illini Inn Condensed Income Statement For the year ended December 31, 20X2 Sales $1,600,000 200,000 Cost of Goods Sold Contribution Margin Undistributed Operating Expenses Gross Operating Profit Depreciation Expense Amortization Expense 1,400,000 950,000 450,000 200,000 100,000 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 Cost of Goods Sold Contribution Margin Undistributed Operating Expenses Gross Operating Profit Depreciation Expense Amortization Expense 1,400,000 950,000 450,000 200,000 100,000 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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