Home In Draw Page Layout Formula Review Developer PROTECTED VIEW Be careful for the interactives you need to edit afer to Printed D E F G H 1 Financial Reporting Theory 2 Cash vs. Accrual 3. You are provided the following information for the Del Campo Consulting Associates. Assume that all supplies purchased were used in 4 Operations in the year of purchase. Rental payments pertain to rental space used in the year of payment. 5 2019 2018 7 Service revenue (accrual basis) $250,000 $185,000 B Cash collected from clients 80,000 97,000 Operating expenses: 10 Salary expense (accrual basis) 12.000 16,500 11 Purchased supplies for cash 4.000 2,500 12 Purchased supplies on account 1.500 Depreciation expense 2.000 2.000 14 Rent paid in cash 7,000 3,000 IS Prepaid insurance 5,500 o 16 17 Use the blue shaded areas on the ENTERANSWERS tab for inputs Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the instructions tab you will be 18 marked wrong 19 20 Requirements 1 Prepare an income statement for Dei Campo for 2019 and 2018 under both the cash and the accrual basis of accounting Check your spelling carefully and do not abbreviate. 22 b Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted 24 c if a cell should have a 50 balance and it cannot be linked from the INSTRUCTIONS tab enter "o" in the appropriate cell. 2 Compute operating cash flow for both years under cash and accrual bases 25 Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted b. Use cell references from prior calculations, if applicable. ZB 20 30 Saving & Submitting Solution 11 1 Save file to desktop. Prestefolder den andlahal COMPUTER EXCEL PROIECTS INSTINCTIONS ENTERANSWERS a. and View A6 H E 1. Prepare an income statement for Del Campo for 2019 and 2018 under both the cash and the 1 accrual basis of accounting. (Always use cell references and formulas, including So balances, where appropriate to receive full 2 credit. If you copy/paste from the Instructions tab you will be marked wrong.) 3 Accrual Basis Cash Basis 2019 2018 2019 2018 5 4 5 8 Operating expenses: 9 10 11 12 13 14 Operating income 15 16 2. Compute operating cash flow for both years under cash and accrual bases. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Use cell references from prior 17 calculations, if applicable) IB 19 7 2019 2018 20 Net cash flow from operations 21 22 23 24 25 26 28 29
