Jedi Nights is a hotel under the management of Skywalker Enterprises. The income statement and additional information provided below summarizes the activities of Jedi Nights for 20x6. Jedi Nights Income Statement For Year Ended December 31, 20x6 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $306,880 53,760 60,480 $14,250 increase 16,950 increase Cash flows from operating activities 6,720 24,640 Jedi Nights, Inc. Statement of Cash Flows (partial) For the year ended December 31, 20x6 $2,240,000 1,097,600 1,142,400 $ 452,480 689,920 8,960 698,880 Accounts payable Salaries payable Prepare the operating activities section of Jedi Nights statement of cash flows for 20x6 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) $10,850 decrease 5,200 decrease Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash

Jedi Nights is a hotel under the management of Skywalker Enterprises. The income statement and additional information provided below summarizes the activities of Jedi Nights for 20x6. Jedi Nights Income Statement For Year Ended December 31, 20x6 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $306,880 53,760 60,480 $14,250 increase 16,950 increase Cash flows from operating activities 6,720 24,640 Jedi Nights, Inc. Statement of Cash Flows (partial) For the year ended December 31, 20x6 $2,240,000 1,097,600 1,142,400 $ 452,480 689,920 8,960 698,880 Accounts payable Salaries payable Prepare the operating activities section of Jedi Nights statement of cash flows for 20x6 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) $10,850 decrease 5,200 decrease Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 3SEB: MULTIPLE-STEP INCOME STATEMENT Use the following information to prepare a multiple-step income...

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Instructions This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction on the journal entry tab. Each missing piece of information is highlighted in yellow. The only cell where an actual number is to be input is on the journal entries worksheet. Please note: not every yellow cell requires input (it could be left blank if appropriate). After completing the journal entries, you must then complete the missing pieces of the T accounts, trial balance, and statements highlighted in yellow. Only excel functions may be used to calculate the appropriate cell value on these pages. DO NOT INPUT THE ACTUAL NUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS. Use excel functions (such as making a cell equal another from the journal entry page, summing numbers together, or using the plus or minus symbols to help you…