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1. Norway Hotel had net income for 2020 of $130,000. Included in net income was depreciation of $2,400, a gain on sale of land of $6,800, loss on sale of equipment of $9,000 and income taxes of $28,400. Using the information given, calculate the net cash provided (used) by operating activities using the indirect method. Assume that the balances of current assets (except cash) and current liabilities remain the same as last year.

Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Net cash provided (used) by operating activities = $

2.Use the following information to prepare the operating activities section of a statement of cash flows for Jon's Catering Company for 2020 using the indirect method.

Net Income	$262,000
Decrease in food and beverage inventory	$26,200
Decrease in accounts payable	$14,000
Depreciation expense	$44,000
Increase in accounts receivable	$13,000
Gain on sale of land	$22,300

Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash.

Jon's Catering Company Cash Flow Statement For the Year Ended December 31, 2020
Cash Flow from Operating Activities
Net Income	Answer
Adjustments for Non-Cash Items
Depreciation expense	Answer
Gain on sale of land	Answer
Change in Current Assets and Current Liabilities
Increase in accounts receivable	Answer
Decrease in food and beverage inventory	Answer
Decrease in accounts payable	Answer
Net Cash Provided (Used) by Operating Activities		Answer

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