The Hillside Hote's financial results for 20X3 reflected the following: Net income of $30,000 Gain on sale of land for $5,000 Depreciation expense of $15,000 Interest expense of $8,000 Changes in selected balance sheet accounts were as follows: January 1, 20X3 December 31, 20X3 Cash $5,000 $12,500 Accounts Receivable 28,000 32,000 Inventory 15,500 14,200 Equipment 275,500 290,500 Accounts Payable 42,000 38,000 Accrued Expenses 10,000 12,000 Long-Term Debt 847,000 817,000 REQUIRED: Prepare a schedule showing the cash flow from operating activities.
The Hillside Hote's financial results for 20X3 reflected the following: Net income of $30,000 Gain on sale of land for $5,000 Depreciation expense of $15,000 Interest expense of $8,000 Changes in selected balance sheet accounts were as follows: January 1, 20X3 December 31, 20X3 Cash $5,000 $12,500 Accounts Receivable 28,000 32,000 Inventory 15,500 14,200 Equipment 275,500 290,500 Accounts Payable 42,000 38,000 Accrued Expenses 10,000 12,000 Long-Term Debt 847,000 817,000 REQUIRED: Prepare a schedule showing the cash flow from operating activities.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The Hillside Hote's financial results for 20X3 reflected the following:
- Net income of $30,000
- Gain on sale of land for $5,000
Depreciation expense of $15,000- Interest expense of $8,000
Changes in selected
| January 1, 20X3 | December 31, 20X3 | |
| Cash | $5,000 | $12,500 |
| 28,000 | 32,000 | |
| Inventory | 15,500 | 14,200 |
| Equipment | 275,500 | 290,500 |
| Accounts Payable | 42,000 | 38,000 |
| Accrued Expenses | 10,000 | 12,000 |
| Long-Term Debt | 847,000 | 817,000 |
REQUIRED:
Prepare a schedule showing the
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