Apply your skills 87 Apply Your Skills EA3-A1 Create the Statement of Cash Flows for Tight Flying Co. In this exercise, you will use the indirect method to create the statement of cash flows in Excel for Tight Flying Co. The following amounts relate to June of 2016. Net Income $28,000 Sale of Equipment $1,700 Depreciation Expense $2,000 Sale of Furniture $9,300 Accounts Receivable (beginning) $9.600 Notes Payable (beginning) $15,800 Accounts Receivable (ending) $13,200 Notes Payable (ending) $4,800 Accounts Payable beginning) $4,600 Stacey Feinberg, Drawing $20,000 Accounts Payable (ending $9,300 Cash (beginning balance) $80,100 1. Open EA3-A1-StatementofCF from your Chapter 03 folder and save it as: EA3-A1-StatementofCF-[Your Name) 2. Enter the data as described into the correct cells for the first section of the statement In this row: Cell A5 Cells A6 and C6 Cells A7 and C7 Cells A8 and C8 Cells A9 and C9 Cells A10 and D10 Enter the data for the Header (no colon at end) F irst item in this section and its associated amount Only expense item and its associated amount First of the remaining two items and its associated amount Final item and its associated amount Final description for (no colon) and a formula to summarize the items in the first section Hint: Enter the items in rows 8-9 in the order they would appear in the balance sheet. Complete the Second Section of the Statement of Cash Flows 3. Enter the data as described into the correct cells for the second section of the stateme In this row: Cell A12 Cells A13 and C13 Cells A14 and C14 Calls A 15 and D15 Enter the data for the: Header (no colon at end) First item in this section and its associated amount Second item in this section and its associated amount Final description for no colon) and a formula to summarize the item the second section Hint: Enter items alphabetically in this section. for Accounting Chapter 3: Statement of Cash Flows Complete the Third Section of the Statement of Cash Flows 4. Enter the data as described into the correct cells for the third section of the statement: In this row: Cell A17 Cells A18 and C18 Cells A 19 and C19 Cells A20 and D20 Enter the data for the Header (no colon at end) Account name for the owner's withdrawals and the associated amount Final item in this section and its associated amount Final description for (no colon) and a formula to summarize the items in the first section of the statement Appropriate description for the change in Cash and the associated amount Name of the appropriate Cash balance and its appropriate amount Name of the appropriate Cash balance and its appropriate amount Cells A22 and D22 Cells A23 and D23 Cells A24 and D24 5. Use Find and Replace to: Replace Activities with Activities: (with a colon). Replace all instances of the Accounting number format with the Accounting number format with zero decimal places. 6. Apply a bottom border to the cells for which it is appropriate and a top and double bottom border to the one cell that needs it. 7. Save and close your file. Create the Statement of Cash Flows for Fita