Homework Answers
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Brymer Hotel Statement of Cash Flows For the Year Ended December 31, 20X6 |
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Cash flow from operating activities |
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Net income |
258000 |
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Adjustments to reconcile net income to net cash flow |
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Depreciation expense |
150000 |
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Gain on sale of range |
(1500) |
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Loss on sale of investments |
10000 |
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Loss on sale of van |
2000 |
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Decrease in accounts receivable (142000-137000) |
5000 |
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Increase in Food inventory (38000-48000) |
(10000) |
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Increase in accounts receivable (53000-75000) |
(22000) |
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Increase in prepaid expenses (3000-7000) |
(4000) |
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Increase in accounts payable (65000-56000) |
9000 |
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Increase in accrued payroll (18000-15000) |
3000 |
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Increase in taxes payable (14000-12000) |
2000 |
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Increase in current maturities of LTD (60000-50000) |
10000 |
153500 |
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Net cash flow provided by operating activities |
$411500 |
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Problem 9 During 20X6, Brymer Hotel earned net income of $258,000. Included on its income statement...
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