kate operates a bed and breakfast hotel in a resort area near california the hotel is 72,624 per year. kate employs a maintenance person at an annual salary of $ 52,000 and a cleaning person at an annual salary of 35,000. Real estate taxes are $ 21,000 per year. The rooms rent at an average price of $ 71.00 per person per night including breakfast Other costs are laundry and cleaning service at a cost of $ per person per night and the cost of food, which is \$16.00 per person per night

A comparative balance sheet for Wildhorse Corporation is presented below: WILDHORSE CORPORATION Comparative Balance Sheet 2022 2021 Assets Cash $39,300 $32,100 Accounts receivable (net) 71,650 61,100 Prepaid insurance 26,650 18,100 Land 19,100 44,950 Equipment 71,100 61,100 Accumulated depreciation (21,650) (14,100) Total assets $203,250 $206,150 Liabilities and Stockholder's Equity Accounts payable $ 12,650 $ 7,100 Bonds payable 28,100 20,100 Common stock 143,300 116,100 Retained earnings 22,100 59.950 Total liabilities and stockholders' equity $206,150 $203,250 Additional information: 1. Net loss for 2022 is $ 22,750. 2. 3. 4 . Cash dividends of $ 15,100 were declared and paid in 2022 Land was sold for cash at a loss of $5,100. This was the only land transaction during the year. Equipment with a cost of $ 17.200 and accumulated depreciation of $11,100 was sold for $ 6,100 cash. $ 23,100 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $ 27,200. 5. 6. Prepare a statement of cash flows for the year ended 2022 using the indirect method. (Show amounts that decrease cash flow with either a sign e.g.-15,000 or in parenthesis e.g. (15,000).) WILDHORSE CORPORATION Statement of Cash Flows Adjustments to reconcile net income to $ WILDHORSE CORPORATION Statement of Cash Flows $ Adjustments to reconcile net income to $ + + $ Save for Later Attempts: 0 of 1 used Submit Answer A comparative balance sheet for Wildhorse Corporation is presented below: WILDHORSE CORPORATION Comparative Balance Sheet 2022 2021 Assets Cash $39,300 $32,100 Accounts receivable (net) 71,650 61,100 Prepaid insurance 26,650 18,100 Land 19,100 44,950 Equipment 71,100 61,100 Accumulated depreciation (21,650) (14,100) Total assets $203,250 $206,150 Liabilities and Stockholder's Equity Accounts payable $ 12,650 $ 7,100 Bonds payable 28,100 20,100 Common stock 143,300 116,100 Retained earnings 22,100 59.950 Total liabilities and stockholders' equity $206,150 $203,250 Additional information: 1. Net loss for 2022 is $ 22,750. 2. 3. 4 . Cash dividends of $ 15,100 were declared and paid in 2022 Land was sold for cash at a loss of $5,100. This was the only land transaction during the year. Equipment with a cost of $ 17.200 and accumulated depreciation of $11,100 was sold for $ 6,100 cash. $ 23,100 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $ 27,200. 5. 6. Prepare a statement of cash flows for the year ended 2022 using the indirect method. (Show amounts that decrease cash flow with either a sign e.g.-15,000 or in parenthesis e.g. (15,000).) WILDHORSE CORPORATION Statement of Cash Flows Adjustments to reconcile net income to $ WILDHORSE CORPORATION Statement of Cash Flows $ Adjustments to reconcile net income to $ + + $ Save for Later Attempts: 0 of 1 used Submit