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
Related questions
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 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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education