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
$10,000
$12,000
Marketable Securities
25,000
27,000
Accounts Receivable
45,000
40,000
Inventory
15,000
17,000
Prepaid Expense
10,000
8,000
Accounts Payable
25,000
30,000
Accrued Payroll
8,000
10,000
Income Taxes Payable
10,000
8,000
Current Maturities of Long-Term Debt
15,000
18,000
Dividends Payable
5,000
8,000
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:
Required – Prepare a schedule of cash flows from operating activities for 20X4.
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