ASTI Laboratory Exercise Preparing the Worksheet for Statement of Cash Flows Objectives: At the end of the exercise, the students should be able to: Prepare entries for reconciling items; and Prepare the worksheet for statement of cash flows. Equipment: Computer MS Excel Preparing the Worksheet When preparing a statement of cash flows, companies may need to make numerous adjustments to net in In such cases, they often use a worksheet to assemble and classify the data that will appear on the stat As discussed in previous accounting subjects, the worksheet is merely an aid in preparing the statement. its use is optional. Procedure: 1. Open MS Excel and start a new worksheet. PART 1: Analysis and Entering of Data 2. Enter the information in Figures 1 and 2 following the correct formats. File Home Insert Page Layout Formulas Data Review View Help 04 X V A B C E Lan Services Incorporated 2 Income Statement 3 For the Year Ended December 31, 2020 4 Sales revenue P 507,000 5 Cost of Goods Sold 150,000 Operating expenses (excluding depreciation) 111,000 7 Depreciation expense 9,000