Not sure how to complete Using ExcelP14-46 Using Excel to prepare the statement of cash flows, indirect methodThe 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 COMPANYWorksheet12/31/18Account TitleAdjusted Trial BalanceDebitCreditCash95,70012,000Accounts ReceivableInventoryOffice Equipment4,40026,00018,000TruckAccumulated Depreciation-Plant AssetsAccounts PayableNote Payable-Short TermNote Payable-Long TermCommon StockRetained EarningsDividends1,000Sales RevenueCost of Goods Sold3,600Rent Expense2,000Advertising Expense800Depreciation Expense6,000$ 169,500 $Transaction Data for 2018Cash paid for purchase of office equipment$6,000Cash paid for purchase of truck5,000Acquisition of Property, Plant, and Equipment with Notes Payable-Long-termCash payment of dividends33,0001,000100,000Cash receipt from issuance of common stockRequirements: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.$$6,0005,50010,00033,000100,00015,000169,500 Requirement 1Complete 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 FlowsPanel A-Balance SheetCashAccounts ReceivableInventoryOffice EquipmentTruckAccumulated Depreciation-Plant AssetsTotal AssetsAccounts PayableNote Payable -Short TermNote Payable Long TermTotal LiabilitiesCommon StockRetained EarningsTotal Liabilities and Stockholders' EquityPanel B-Statement of Cash FlowsCash Flows from Operating Activities:Net IncomeAdjustments to Reconcile Net Income to Net Cash Provided by Operating ActivitiesDepreciation Expense-Plant AssetsIncrease in Accounts ReceivableIncrease in InventoryIncrease in Accounts PayableIncrease in Notes Payable-Short-termNet Cash Provided by Operating ActivitiesCash Flows from Investing Activities:Cash Paid for Acquisition of Plaht AssetsNet Cash Used for Investing ActivitiesCash Flows from Financing Activities:Cash Receipt from Issuance of Common StockCash Payment of DividendsNet Cash Provided by Financing ActivitiesNet Increase (Decrease) in Cash:TotalRequirement 2Prepare the James Island Clothing Company Statement of Cash Flows for the six months ended December 31, 2018.Format cash flows from operating activities by the indirect method. Leave cells blank if not used.Note: Some of the input cells marked in blue may not require entries.Balance7/1/18$ SO00MO00000$00HARTONOTMENT O010Transaction AnalysisDebit CreditBalance12/31/18

Cash flows statement is one of the financial statement being prepared by business in order to review…

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 Cash Accounts Receivable Inventory Office Equipment Truck 6,000 Accumulated Depreciation-Plant Assets Accounts Payable Note Payable-Short Term 5,500 10,000 33,000 100,000 Note Payable-Long Term Common Stock Retained Earnings Dividends 1,000 Sales Revenue 15,000 Cost of Goods Sold 3,600 Rent Expense 2,000 Advertising Expense 800 Depreciation Expense 6,000 169,500 $ 169,500 Transaction Data for 2018 Cash paid for purchase of office equipment 6,000 Cash paid for purchase of truck 5,000 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. $ $ Adjusted Trial Balance Debit Credit 95,700 12,000 4,400 26,000 18,000 $

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q