The balance sheet and income statement for Victoria Hotels are presented below. Victoria Hotels Balance Sheet As
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The balance sheet and income statement for Victoria Hotels are presented below.
Victoria Hotels Balance Sheet As of December 31 | ||
2020 | 2019 | |
Assets | ||
Current Assets | ||
Cash | $128,515 | $78,100 |
Accounts Receivable | $44,300 | $28,600 |
Inventory | $72,900 | $44,700 |
Total Current Assets | $245,715 | $151,400 |
Land | $96,000 | $106,000 |
Equipment | $106,000 | $139,000 |
Accumulated Depreciation | $-55,000 | $-70,000 |
Total Assets | $392,715 | $326,400 |
Liabilities and Equity | ||
Liabilities | ||
Current Liabilities | ||
Accounts Payable | $42,300 | $69,200 |
Taxes Payable | $20,700 | $20,700 |
Total Current Liabilities | $63,000 | $89,900 |
Notes Payable | $118,900 | $86,700 |
Total Liabilities | $181,900 | $176,600 |
Shareholders' Equity | ||
Common Shares | $71,900 | $61,900 |
Retained Earnings | $138,915 | $87,900 |
Total Shareholders' Equity | $210,815 | $149,800 |
Total Liabilities and Equity | $392,715 | $326,400 |
Notes: The company paid cash dividends during 2020.
The company did not make a notes payable payment during 2020.
The company did not purchase any equipment during 2020.
The company did not purchase any land during 2020.
Victoria Hotels Income Statement For the Year Ended December 31, 2020 | |
Revenue | $419,000 |
Cost of Sales | $272,350 |
Gross Profit | $146,650 |
Operating Expenses | |
Depreciation Expense | $7,000 |
Other Operating Expenses | $26,800 |
Total Operating Expenses | $33,800 |
Income from Operations | $112,850 |
Other Income and Expenses | |
Interest Expense | $-7,600 |
Loss on Sale of Equipment | $-7,600 |
Gain on Sale of Land | $5,800 |
Operating Income before Tax | $103,450 |
Income Tax | $31,035 |
Net Income (Loss) | $72,415 |
Prepare the cash flow statement for December 31, 2020 using the indirect method.
Do not enter dollar signs or commas in the input boxes.
Use the negative sign for a decrease in cash.
Victoria Hotels Cash Flow Statement For the Year Ended December 31, 2020 | ||
Cash Flow from Operating Activities | ||
Net Income | Answer | |
Adjustments for Non-Cash Items | ||
Depreciation Expense | Answer | |
Loss on Sale of Equipment | Answer | |
Gain on Sale of Land | Answer | |
Changes in Current Assets and Current Liabilities | ||
Increase in Accounts Receivable | Answer | |
Increase in Inventory | Answer | |
Decrease in Accounts Payable | Answer | |
Change in Cash Due to Operating Activities | Answer | |
Cash Flow from Investing Activities | ||
Sale of Equipment | Answer | |
Sale of Land | Answer | |
Net Cash Provided (Used) by Investing Activities | Answer | |
Cash Flow from Financing Activities | ||
Issuance of Common Shares | Answer | |
Proceeds from Notes Payable | Answer | |
Payment of Dividends | Answer | |
Net Cash Provided (Used) by Financing Activities | Answer | |
Net increase (decrease) in cash | Answer | |
Cash at the Beginning of the Year | Answer | |
Cash at the End of the Year | Answer |
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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