The Hillside Hotel\'s financial results for 20X3 reflected the following: . Net

Question

The Hillside Hotel'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: Jan. 1, 20X3 Dec. 31, 20 Cash Accounts Receivable Inventory Equipment Accounts Payable Accrued Expenses Long-Term Debt 5,000 $12,500 28,000 32,000 15,500 14,200 275,500 290,500 42,000 38,000 10,000 12,000 847,000 817,000 Required: Prepare a schedule showing the cash flow from operating activities. UPLOAD IN EXC

Explanation / Answer

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CASHFLOW STATEMENT INDIRECT METHOD Particulars Amount NET INCOME BEFORE TAX $30,000.00 ADJUSTMENTS Depreciation $15,000.00 Interest $8,000.00 Gain on Sale of Land $(5,000.00) Operating Profit before Change in Working Capital $48,000.00 Decrease / (Increase) in Accounts Recievable $(4,000.00) Increase / (Decrease) in Accounts Payable $(4,000.00) Decrease / (Increase) in Inventories $1,300.00 Increase / (Decrease) in Accrued Expenses $2,000.00 Net Cash Provided by Operating Activities $43,300.00

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