Help plz Additional infeIllini InnCondensed Income Statement1. Dividend2. The cafédate ofFor the year ended December 31, 20X2SalesCost of Goods Sold$1,600,000200,0003. MarkeContribution MarginUndistributed Operating ExpensesGross Operating ProfitDepreciation ExpenseAmortization ExpenseAssur1,400,000950,0004.Required-450,000200,000100,000PrepareIncome Before Tax150,00050,000Income TaxNet IncomeThe or$ 100,000SusarAdditional information:She i1. Equipment was purchased for $300,000.2. Dividends of $50,000 were declared and paid during 20X2.3. Long-term debt of $50,000 was reclassified as current at the end of 20X2.Required:Prepare the SCF, with supplementary disclosures, for the Illini Inn using the indirectmethod. balance sheets and the income statement of the Illini Inn.Property and Equipment (net)You have been hired by D. Smith, a successful entrepreneur, to prepare a statement of cashflows for his two-year-old hotel, the Illini Inn. The following are copies of the condensedProblem 10aseIllini InnCondensed Balance SheetsDecember 31, 20X1 and 20X2CashAccounts ReceivableInventory20X120X2%2430,000190,00030,0001,400,000200,000$1,850,000$ 40,000225,00035,0001,500,000100,000$1,900,000Other AssetsTotal AssetsAccounts PayableWages PayableCurrent Maturities of LTD$ 185,00015,00050,000950,0001,200,000700,000$ 140,00010,00050,000Long-Term DebtTotal Liabilities1,000,0001,200,000650,000$1,850,000Owners' EquityTotal Liabilities and Owners' Equity$1,900,000

The cash flow statement assesses a corporation's ability to handle its cash balance, or how…

Illini Inn Condensed Income Statement For the year ended December 31, 20X2 Sales $1,600,000 200,000 Cost of Goods Sold Contribution Margin Undistributed Operating Expenses Gross Operating Profit Depreciation Expense Amortization Expense 1,400,000 950,000 450,000 200,000 100,000 Income Before Tax Income Tax 150,000 50,000 Net Income $ 100,000 Additional information: 1. Equipment was purchased for $300,000. 2. Dividends of $50,000 were declared and paid during 20X2. 3. Long-term debt of $50,000 was reclassified as current at the end of 20X2. Required: Prepare the SCF, with supplementary disclosures, for the Illini Inn using the indirect method.

Illini Inn Condensed Income Statement For the year ended December 31, 20X2 Sales $1,600,000 200,000 Cost of Goods Sold Contribution Margin Undistributed Operating Expenses Gross Operating Profit Depreciation Expense Amortization Expense 1,400,000 950,000 450,000 200,000 100,000 Income Before Tax Income Tax 150,000 50,000 Net Income $ 100,000 Additional information: 1. Equipment was purchased for $300,000. 2. Dividends of $50,000 were declared and paid during 20X2. 3. Long-term debt of $50,000 was reclassified as current at the end of 20X2. Required: Prepare the SCF, with supplementary disclosures, for the Illini Inn using the indirect method.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.10E: Components of the Statement of Cash Flows Identify each of the following items as operating (O),...

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Required information Skip to question [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $165,000 cash from the owners. During Year 2, the company earned cash revenues of $90,900 and incurred cash expenses of $65,200. The company also paid cash distributions of $9,000. RequiredPrepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.) Required a-1. Prepare a Year 1 income statement.a-2. Prepare a Year 1 capital statement (statement of changes in equity).a-3. Prepare a Year 1 balance sheet.a-4. Prepare a Year 1 statement of cash flows. Assume Cascade is a sole proprietorship owned by Carl Cascade.