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Requirements: 1. Complete the worksheet for the James Island Clothing Company, filling in the transaction analysis columns. Note: Some of the input cells marked in blue may not require entries. 2. Prepare the James Island Clothing Company statement of cash flows for the six months ended December 31, 2018. Use the indirect method. Note: Some of the input cells marked in blue may not require entries. Excel Skills: 1. Use cell references in formulas. 2. Format cells with comma format, dollar format, and underlines as appropriate.

Requirements: 1. Complete the worksheet for the James Island Clothing Company, filling in the transaction analysis columns. Note: Some of the input cells marked in blue may not require entries. 2. Prepare the James Island Clothing Company statement of cash flows for the six months ended December 31, 2018. Use the indirect method. Note: Some of the input cells marked in blue may not require entries. Excel Skills: 1. Use cell references in formulas. 2. Format cells with comma format, dollar format, and underlines as appropriate.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Chapter 14 Using Excel P14-46 Using Excel to prepare the statement of cash flows, Indirect method The James Island Clothing Company began operations on July 1, 2018. The adjusted trial balance as of December 31, 2018 appears below, along with transaction data for 2018. THE JAMES ISLAND CLOTHING COMPANY Worksheet 12/31/18 Account Title Adjusted Trial Balance Debit Credit Cash 95,700 Accounts Receivable 12,000 Inventory 4,400 Office Equipment 26,000 Truck 18,000 Accumulated Depreciation-Plant Assets Accounts Payable Note Payable-Short Term Note Payable-Long Term Common Stock Retained Earnings Dividends 1,000 Sales Revenue 3,600 Cost of Goods Sold Rent Expense 2,000 Advertising Expense 800 Depreciation Expense 6,000 $ 169,500 $ Transaction Data for 2018 Cash paid for purchase of office equipment $ 6,000 5,000 Cash paid for purchase of truck Acquisition of Property, Plant, and Equipment with Notes Payable-Long-term Cash payment of dividends 33,000 1,000 100,000 Cash receipt from issuance of common stock Requirements: 1. Complete the worksheet for the James Island Clothing Company, filling in the transaction analysis columns. Note: Some of the input cells marked in blue may not require entries. 2. Prepare the James Island Clothing Company statement of cash flows for the six months ended December 31, 2018. Use the indirect method. Note: Some of the input cells marked in blue may not require entries. Excel Skills: 1. Use cell references in formulas. 2. Format cells with comma format, dollar format, and underlines as appropriate. $ $ 6,000 5,500 10,000 33,000 100,000 15,000 169,500
Transcribed Image Text:Chapter 14 Using Excel P14-46 Using Excel to prepare the statement of cash flows, Indirect method The James Island Clothing Company began operations on July 1, 2018. The adjusted trial balance as of December 31, 2018 appears below, along with transaction data for 2018. THE JAMES ISLAND CLOTHING COMPANY Worksheet 12/31/18 Account Title Adjusted Trial Balance Debit Credit Cash 95,700 Accounts Receivable 12,000 Inventory 4,400 Office Equipment 26,000 Truck 18,000 Accumulated Depreciation-Plant Assets Accounts Payable Note Payable-Short Term Note Payable-Long Term Common Stock Retained Earnings Dividends 1,000 Sales Revenue 3,600 Cost of Goods Sold Rent Expense 2,000 Advertising Expense 800 Depreciation Expense 6,000 $ 169,500 $ Transaction Data for 2018 Cash paid for purchase of office equipment $ 6,000 5,000 Cash paid for purchase of truck Acquisition of Property, Plant, and Equipment with Notes Payable-Long-term Cash payment of dividends 33,000 1,000 100,000 Cash receipt from issuance of common stock Requirements: 1. Complete the worksheet for the James Island Clothing Company, filling in the transaction analysis columns. Note: Some of the input cells marked in blue may not require entries. 2. Prepare the James Island Clothing Company statement of cash flows for the six months ended December 31, 2018. Use the indirect method. Note: Some of the input cells marked in blue may not require entries. Excel Skills: 1. Use cell references in formulas. 2. Format cells with comma format, dollar format, and underlines as appropriate. $ $ 6,000 5,500 10,000 33,000 100,000 15,000 169,500
Requirement 1 Complete the worksheet for the James Island Clothing Company, filling in the transaction analysis columns. Note: Some of the input cells marked in blue may not require entries. Spreadsheet for Statement of Cash Flows Panel A-Balance Sheet Cash Accounts Receivable Inventory Office Equipment Truck Accumulated Depreciation-Plant Assets Total Assets Accounts Payable Note Payable -Short Term Note Payable - Long Term Total Liabilities Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Panel B-Statement of Cash Flows Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation Expense - Plant Assets Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable Increase in Notes Payable-Short-term Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Cash Paid for Acquisition of Plant Assets Net Cash Used for Investing Activities Cash Flows from Financing Activities: Cash Receipt from Issuance of Common Stock Cash Payment of Dividends Net Cash Provided by Financing Activities Net Increase (Decrease) in Cash: Total $ $ $ Balance 7/1/18 0 0 0 0 0 0 0 0 0 0 0 0 0 ol Transaction Analysis Debit Credit Balance 12/31/18
Transcribed Image Text:Requirement 1 Complete the worksheet for the James Island Clothing Company, filling in the transaction analysis columns. Note: Some of the input cells marked in blue may not require entries. Spreadsheet for Statement of Cash Flows Panel A-Balance Sheet Cash Accounts Receivable Inventory Office Equipment Truck Accumulated Depreciation-Plant Assets Total Assets Accounts Payable Note Payable -Short Term Note Payable - Long Term Total Liabilities Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Panel B-Statement of Cash Flows Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation Expense - Plant Assets Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable Increase in Notes Payable-Short-term Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Cash Paid for Acquisition of Plant Assets Net Cash Used for Investing Activities Cash Flows from Financing Activities: Cash Receipt from Issuance of Common Stock Cash Payment of Dividends Net Cash Provided by Financing Activities Net Increase (Decrease) in Cash: Total $ $ $ Balance 7/1/18 0 0 0 0 0 0 0 0 0 0 0 0 0 ol Transaction Analysis Debit Credit Balance 12/31/18
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