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 accoun

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 3120X420X5Cash$10,000$12,000Marketable Securities25,00027,000Accounts Receivable45,00040,000Inventory15,00017,000Prepaid Expense10,0008,000Accounts Payable25,00030,000Accrued Payroll8,00010,000Income Taxes Payable10,0008,000Current Maturities of Long-Term Debt15,00018,000Dividends Payable5,0008,000In 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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