D E F Required Complete the following calculations by referencing values from the Balance Sheet (found by clicking the Balance Sheet tab at the bottom of this workbook) and values from the notes found at the bottom of the balance sheet. Calculate the book value of the asset sold Calculate the historical cost of the asset sold Calculate the related Accumulated Depreciation for the equipment sold Complete the Balance Sheet (indirect method) shown below by using formulas that reference data from the balance sheet (found by clicking the Balance Sheet tab at the bottom of this workbook). Values pertaining to the notes at the bottom of the balance sheet have been placed in separate cell locations so you can reference these numbers in your calculations. Read the notes at the bottom of the balance sheet carefully. I & S Apparel Industries Statement of Cash Flows For the Year Ended December 31, 2016 Cash Flows from Operating Activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Gain on sale of Equipment Balance Shoot Sheet1 I & S Apparel Industries Statement of Cash Flows For the Year Ended December 31, 2016 Cash Flows from Operating Activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Gain on sale of Equipment Changes in current assets and current liabilities: Accounts receivable Prepaid insurance Inventory Accounts payable Wages payable Unearned revenue Interest payable Taxes payable Net cash provided by (used in) operating activities Cash Flows from Investing Activities: Equipment Purchased Equipment Sold Net cash provided by (used in) investing activities Cash Flows from Financing Activities: Cash paid for Dividends Issue common stock Repayment of Notes Net cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of the period Cash at end of the period D E F Required Complete the following calculations by referencing values from the Balance Sheet (found by clicking the Balance Sheet tab at the bottom of this workbook) and values from the notes found at the bottom of the balance sheet. Calculate the book value of the asset sold Calculate the historical cost of the asset sold Calculate the related Accumulated Depreciation for the equipment sold Complete the Balance Sheet (indirect method) shown below by using formulas that reference data from the balance sheet (found by clicking the Balance Sheet tab at the bottom of this workbook). Values pertaining to the notes at the bottom of the balance sheet have been placed in separate cell locations so you can reference these numbers in your calculations. Read the notes at the bottom of the balance sheet carefully. I & S Apparel Industries Statement of Cash Flows For the Year Ended December 31, 2016 Cash Flows from Operating Activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Gain on sale of Equipment Balance Shoot Sheet1 I & S Apparel Industries Statement of Cash Flows For the Year Ended December 31, 2016 Cash Flows from Operating Activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Gain on sale of Equipment Changes in current assets and current liabilities: Accounts receivable Prepaid insurance Inventory Accounts payable Wages payable Unearned revenue Interest payable Taxes payable Net cash provided by (used in) operating activities Cash Flows from Investing Activities: Equipment Purchased Equipment Sold Net cash provided by (used in) investing activities Cash Flows from Financing Activities: Cash paid for Dividends Issue common stock Repayment of Notes Net cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of the period Cash at end of the period
