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Chapter 12 Reporting Cashow SERIAL PROBLEM Business Solo P1 P2 P3 This serial problem began in Chapter I and cont completed the problem can be r ol most of the book post) a SP 12 Santa Rey, owner of Business Solutions, decides to prep business. Although the serial problem allowed for varios webp changes in prepare the statement of cash flows using the following financial data) flows for her chapters, we will BUSINESS SOLUTIONS Comece December 31, 2017 March 2010 31, 2010 Dec. 11. 2017 BUSINESS SOLUTIONS income Statement For Three Month Ended March 31, 2013 Com Preise Pregradert $25.300 Conservice Net Office Rounted depreciation ent Computer Accumulated depreciation Computer $14.052 Cast of goods sold. Depreciatio n s Office Depreciation expens Computer u t Wages expense.. wance expenses **!!919 1998 .. . 3250 Rele 2.425 Une course Totalcune Compute r Advertisingepen Mileage Repairs Complet 320 960 2360 Nutcome $18.833 Total $120240 Required Prepare a statement of cash flows for Business Solutions in the indic a dore s ended March 31, 2018 Recall that werSantana Rey contributed $25.000 the be i nah additional stock in the first quarter of 2018 and has moved 54,800 in cash dividende e for Check Chows used by to 5518 GENERAL GI LEDGER PROBLEM Available only in Connect connect The following General Ledger assignments highlight the impact or lack of them cash flows from summary journal entries derived fru c tive tra c es Prepare journal entries reflecting changes in consecutive al haces. The prepared to cash flows (direct method from those catrics. Hay prepare the recen t h t hed for et cash provided (used) by operating activities GL 12-1 General Ledger assignment based on Exercise 12-11 GL 12-2 Genl Ledger assignment based on Problem 12-1 GL 12-3 General Ledger assignment based on Problem 126 SERIAL PROBLEM Business Solutions (Indirect) P1 P2 P3 (This serial problem began in Chapter 1 and continues through most of the book. If previous chapter seg ments were not completed, the serial problem can begin at this point.) SP 12 Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. Although the serial problem allowed for various ownership changes in earlier chapters, we will prepare the statement of cash flows using the following financial data.) BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2018 $25,307 18,693 44,000 $14,052 400 Computer services revenue........ Net sales ......... Total revenue ........ Cost of goods sold ..... Depreciation expense- Office equipment... Depreciation expense Computer equipment... Wages expense ....... Insurance expense... Rent expense ....... Computer supplies expense Advertising expense........ Mileage expense ...... Repairs expense-Computer.... Total expenses ...... Net income ........ 1,250 3,250 555 2,475 1,305 600 320 960 25,167 $18,833 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2017, and March 31, 2018 Mar. 31, 2018 Dec. 31, 2017 Assets Cash ........... Accounts receivable.... $48,372 5,668 Inventory... $ 68,057 22,867 704 2,005 1,110 825 95,568 8,000 580 1,665 825 57,110 8,000 Computer supplies ...... Prepaid insurance..... Prepaid rent ............ Total current assets ...................... Office equipment .............. Accumulated depreciation-Office equipment ... Computer equipment........ Accumulated depreciation- Computer equipment....... Total assets.................. (800) 20,000 (400) 20,000 (2,500) $120,268 (1,250) $83,460 Liabilities and Equity Accounts payable ........... Wages payable.... Unearned computer service revenue ....... Total current liabilities .......... $ 1,100 500 1,500 3,100 875 Equity Common stock ......... Retained earnings Total liabilities and equity......... 98,000 21,393 $120.268 73,000 7,360 $83,460 Required Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2018. Recall that owner Santana Rey contributed $25,000 to the business in exchange for additional stock in the first quarter of 2018 and has received $4,800 in cash dividends. ed by The following General Ledger assignments highlight the impact, or lack thereof, on the statement of cash flows from summary journal entries derived from consecutive trial balances. Prepare summary journal entries reflecting changes in consecutive trial balances. Then prepare the statement of cash flows (direct method) from those entries. Finally, prepare the reconciliation to the indirect method for net cash provided (used) by operating activities. GL 12-1 General Ledger assignment based on Exercise 12-11
