Jedi Nights is a hotel under the management of Skywalker Enterprises. The income statement and additional information provided below summarizes the activities of Jedi Nights for 20x6. Jedi Nights Income Statement For Year Ended December 31, 20x6 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $306,880 53,760 60,480 $14,250 increase 16,950 increase Cash flows from operating activities 6,720 24,640 Jedi Nights, Inc. Statement of Cash Flows (partial) For the year ended December 31, 20x6 $2,240,000 1,097,600 1,142,400 $ 452,480 689,920 8,960 698,880 Accounts payable Salaries payable Prepare the operating activities section of Jedi Nights statement of cash flows for 20x6 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) $10,850 decrease 5,200 decrease Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash

Jedi Nights is a hotel under the management of Skywalker Enterprises. The income statement and additional information provided below summarizes the activities of Jedi Nights for 20x6. Jedi Nights Income Statement For Year Ended December 31, 20x6 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $306,880 53,760 60,480 $14,250 increase 16,950 increase Cash flows from operating activities 6,720 24,640 Jedi Nights, Inc. Statement of Cash Flows (partial) For the year ended December 31, 20x6 $2,240,000 1,097,600 1,142,400 $ 452,480 689,920 8,960 698,880 Accounts payable Salaries payable Prepare the operating activities section of Jedi Nights statement of cash flows for 20x6 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) $10,850 decrease 5,200 decrease Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash

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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