17.3 **Problem 3**The Westland Inn had net earnings of $65,000 during 20X5. Included on its income statement for 20X5 were depreciation and amortization expenses of $150,000 and $5,000, respectively. Its current accounts on its comparative balance sheet showed the following:**December 31**- **20X4** - Cash: $10,000 - Marketable Securities: $25,000 - Accounts Receivable: $45,000 - Inventory: $15,000 - Prepaid Expense: $10,000 - Accounts Payable: $8,000 - Accrued Payroll: $25,000 - Income Taxes Payable: $10,000 - Current Maturities of Long-Term Debt: $15,000 - Dividends Payable: $5,000- **20X5** - Cash: $12,000 - Marketable Securities: $27,000 - Accounts Receivable: $40,000 - Inventory: $17,000 - Prepaid Expense: $8,000 - Accounts Payable: $10,000 - Accrued Payroll: $30,000 - Income Taxes Payable: $8,000 - Current Maturities of Long-Term Debt: $18,000In addition, sales of equipment, marketable securities, and investments during 20X5 were as follows:1. Equipment that cost $20,000 with accumulated depreciation of $12,000 was sold for $5,000.2. Investments that cost $20,000 were sold for $25,000.3. Marketable securities that cost $10,000 were sold for $8,000.**Required**:Prepare a schedule of cash flows from operating activities for 20X5.

Cash flows from operating activities is an important section of cash flows statement which shows all…

The Westland Inn had net earnings of $65,000 during 20X5. Included on its income statement for 20X5 were depreciation and amortization expenses of $150,000 and $5,000, respectively. Its current accounts on its comparative balance sheet showed the following: December 31 20X4 20X5 Cash Marketable Securities Accounts Receivable Inventory Prepaid Expense Accounts Payable Accrued Payroll Income Taxes Payable Current Maturities of Long-Term Debt Dividends Payable $10,000 25,000 45,000 15,000 10,000 25,000 8,000 10,000 15,000 5,000 $12,000 27,000 40,000 17,000 8,000 30,000 10,000 8,000 18,000 8,000 noie In addition, sales of equipment, marketable securities, and investments during 20X5 were as follows: 1. Equipment that cost $20,000 with accumulated depreciation of $12,000 was sold for $5,000. 2. Investments that cost $20,000 were sold for $25,000. 3. Marketable securities that cost $10,000 were sold for $8,000. Required: Prepare a schedule of cash flows from operating activities for 20 4. 20X5

The Westland Inn had net earnings of $65,000 during 20X5. Included on its income statement for 20X5 were depreciation and amortization expenses of $150,000 and $5,000, respectively. Its current accounts on its comparative balance sheet showed the following: December 31 20X4 20X5 Cash Marketable Securities Accounts Receivable Inventory Prepaid Expense Accounts Payable Accrued Payroll Income Taxes Payable Current Maturities of Long-Term Debt Dividends Payable $10,000 25,000 45,000 15,000 10,000 25,000 8,000 10,000 15,000 5,000 $12,000 27,000 40,000 17,000 8,000 30,000 10,000 8,000 18,000 8,000 noie In addition, sales of equipment, marketable securities, and investments during 20X5 were as follows: 1. Equipment that cost $20,000 with accumulated depreciation of $12,000 was sold for $5,000. 2. Investments that cost $20,000 were sold for $25,000. 3. Marketable securities that cost $10,000 were sold for $8,000. Required: Prepare a schedule of cash flows from operating activities for 20 4. 20X5

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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