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The following financial statements relate to Alpine Trails Ski Resort: comparative balance sheets as of December 31, 20x3 and 20x2; income statement for 20x3; and
statement of retained earnings for 20x3.
Alpine Trails Ski Resort
Comparative Balance Sheets
December 31, 20x3 and 20x2
(In thousands)
Assets
20X3
20X2
Current assets:
Cash
25
22
Marketable securities
10
Accounts receivable
130
140
Merchandise inventory
40
35
Prepaid expenses
3
Total current assets
215
210
Investment in Coulterton Transit Company
55
45
Facilities and equipment
450
Less: Accumulated depreciation
(225)
(175)
Land
653
540
Total assets
1,148
1,070
Current liabilities:
Accounts payable
80
75
Accrued salaries payable
15
Deferred revenue
5
Total current liabilities
98
105
Deferred income taxes
20
Bonds payable
190
Total liabilities
308
310
Stockholders' equity:
Common stock
270
Retained earnings
570
490
Total stockholders' equity
840
760
Total liabilities and stockholders' equity
Income Statement
For the Year Ended December 31, 20x3
Revenue:
Slope fees
340
Condominium rentals
625
Sales of merchandise
Total revenue
1,040
Less: Cost of merchandise
50
Gross margin
990
Less: Operating expenses
Salaries
Insurance
Property taxes
Depreciation
Utilities
100
Maintenance
Advertising
Administration
170
Interest on bonds
Total operating expenses
830
Income before taxes
160
Income-tax expense
Net income
110
Statement of Retained Earnings
Retained earnings, December 31, 20x2
Add: Net income for 20x3
Subtotal
600
Deduct: Dividends declared in 20x3 .
30
Retained earnings, December 31, 20x3
Alpine Trails did not buy or sell any facilities or equipment during 20x3.
Required:
Using the indirect method, prepare the company's statement of cash flows for 20x3. Refer to the financial statement given in the precceding problem for Alpine Trails ski resort
Set up T-accounts to use as an aid in preparing the company's statement of cash flows. Prepare statement for 20 X 3.
Required: Using the direct method , prepare the company's statement of cash flows for 20 x 3.
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