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thanks in advance! Problem 5 Hotel has incurred various activities as described in each situation below: During 20X3, the Eppley Hotel had cash sales of $800,000 and sales on account of $2.540,000. During the same year, accounts receivable-hotel guests increased by $10,000. Determine the cash received from hotel guests during 20X3. During 20X3, the Eppley Hotel's Board of Directors declared cash dividends of $120,000. The dividends payable account was $10,000 at the beginning of the year and $15,000 at the end of the year. Determine the dividends paid by the Eppley Hotel dur- ing 20X3. 3. During 20X3, the Eppley Hotel had cost of food used of $400,000. During the year, food inventory increased by $8,000 and the related suppliers payable accounts decreased by $5,000. Determine the cash payments for food purchases during 20X3. 4. During the year, the Eppley Hotel's long-term debt of $1,000,000 on January 1, 20X3, increased by $500,000 to $1,500,000 on December 31, 20X3. Also during 20X3, $200,000 of long-term debt was converted to common stock, and $50,000 of long-term debt was reclassified as current debt. Determine the amount of cash that was borrowed and recorded as long-term debt during 20X3. 5. The Eppley Hotel's income tax expense for 20X3 was $25,000. Its income taxes payable account on the balance sheet was $4,000 at the beginning of the year and $5,000 at the end of the year. Determine the amount of income taxes paid during 20X3.
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