FUN Clipboard PRODUCT NOTICE Most of the features of Excel have been disabled because it hasn't been activated. Activate 554 1 The Statement of Cash Flows 2 Using Excel to prepare the statement of cash flows, indirect method 4 The James Island Clothing Company began operations on July 1, 2018 5 The adjusted trial balance as of December 31, 2018, appears below, along with transaction data for 2018. JAMES ISLAND CLOTHING COMPANY Adjusted Trial Balance 12/31/18 Account Title Cash Accounts Receivable Inventory Office Equipment Truck Accumulated Depreciation--Plant Assets Accounts Payable Note Payable--Short Term Note Payable--Long Term Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Rent Expense Advertising Expense Depreciation Expense Balance Debit Credit 95,700 12,000 4,400 26,000 18,000 6,000 5,500 10,000 33,000 100,000 1,000 15,000 3,600 2.000 800 6,000 169,500 $ $ 169,500 Transaction data for 2018 Cash paid for purchase of office equipment Cash paid for purchase of truck Acquisition of plant assets with a long-term notes payable Cash payment of dividends Cash receipt from issuance of common stock 6,000 5.000 33,000 1,000 100,000 F G H Cash payment of dividends Cash receipt from issuance of common stock 100.000 9 Use the blue shaded areas on the ENTER ANSWERS tab for inputs. - ALWAYS use cell references and formulas where appropriate to receive full credit. If you copy/paste from the instruction tab you will be marked wrong Us 11 sign of parentheses for any cash outflows or amounts to be subtracted. 43 Requirements: 1 Complete the worksheet for the James Island Clothing Company, filling in the Transaction Analysis columns 45 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 year 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 55 Saving & Submitting Solution 1 Save file to desktop a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS b. Save your solution in the folder you just created; add-solution date to end of file name 2 Upload and subwt your fe to be graded. Navigate back to the activity window - screen where you downloaded the initial spreadsheet Click Choose button under step 3 locate the file you just saved and click Open c. Click Upload button under step 3 d. Click Submit button under step 4 1 click on Results tab in My Accountinglab 2. Click on the Assignment you were working on 3. Click on Project link this will bring up your score Card 4 With Score Card window, click on Live Comments Report lower right to download spreadsheet with feedbac ENTERANSWERS SWERS ENTERANSWERSZ Type here to search L42 1 Complete the worksheet for the James Island Clothing Company, filling in the transaction analysis columns. 2 (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) 3 Note: Some of the input cells marked in blue may not require entries. Leave the input cells blank that do not require an entry. THE JAMES ISLAND CLOTHING COMPANY Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Balance 7/1/18 Balance 12/31/18 9 Panel A-Balance Sheet ol S Transaction Analysis Debit Credit 95,700 12.000 4,400 26.000 18.000 6.000 95,700 12,000 25,000 18.000 o 16.000 150,100 $ 11 Cash 12 Accounts Receivable 13 Inventory 14 Office Equipment 15 Truck 16 Accumulated Depreciation--Plant Assets 17 Total Assets 18 19 Accounts Payable 20 Note Payable Short Term 21 Note Payable. Long Term 22 Total Liabilities 23 24 Common Stock 25 Retained Earnings 26 Total abilities and Stockholders' Equity 5 5.500 10.000 33.000 10.000 31.000 8 Panel B - Statement of Cash Flows 29 Cash Flows from Operating Activities: 30 Net Income 31 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities 32 Depreciation Expense - Plant Assets 33 Increase in Accounts Receivable 34 Increase in Inventory 35 Increase in Accounts Payable 36 Increase in Notes Payable-Short-term 37 Net Cash Provided by Operating Activities 38 Cash Flows from Investing Activities: 39 Cash Paid for Acquisition of Plant Assets 40 Net Cash Used for Investing Activities 41 Cash Flows from Financing Activities: 42 Cash Receipt from Issuance of Common Stock 43 Cash Payment of Dividends 44 Net Cash Provided by Financing Activities 45 Net Increase (Decrease) in Cash: 46 Total AS HINTS C11:E26 Use cell references to appropriate values on Instructions and ENTERASWERS1 worksheets for calculations. 2 E16 Note that accumulated depreciation of plant assets should be a negative value for total assets calculation. 53 C17:017, C22:022 Do not calculate total assets and liabilities for debit and credit columns. Leave these cells blank. 54 C26:026 Use the function SUM() to calculate total debit and credit transactions, C30:043 Use an equal sign() and the appropriate cells from the spreadsheet for statement of cash flows. Place cash outflows in column C and 55 cash inflows in column D. 56 C32 Depreciation Expense should be entered as a positive value in this cell. 57 039 Use cell references to the Transaction Data table in Instructions worksheet to calculate cash paid for acquisition of plant assets. CA5:045 Calculate the net change in cash using values in Panel B. If there is a decrease in cash, enter it as a negative value in column C. If there 58 is an increase in cash, enter it as a positive value in column D. PRODUCT NOTICE Most of the textures of behave been deated because it hasn't been activated. Activate 1 Prepare the lames and clothing Company statement of c o ws for the year months ended December 11, 2016. Use the indirect method 2 Format cash flows from operating activities by the indirecthod. Leave cells blankinot used 3 Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the instruction to you will be marked wrong) 4 Note: Some of the input cellis marked in blue may not require entries. T o search