• I & S Apparel Industries has provided its Balance Sheet and Financial Statement Notes on the first tab of the Excel Simulation below. The Controller has asked you to prepare the Statement of Cash Flows. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.Cell Reference:Allows you to refer to data from another cell in the worksheet.From the Excel Simulation below, if in a blank cell on the Balance Sheet tab, "=C12" was entered, the formula would output the result from cell C12, or 7,500 in this example.
• Multi-Tab Cell Reference:Allows you to refer to data from another cell in a separate tab in the worksheet.When using the multi-tab cell reference, type the equal sign first, then click on the other tab and then click on the cell you want to reference.The syntax of a multi-tab cell reference looks different than a normal cell reference, since it includes the tab name surrounded by apostrophes and also an exclamation point before the cell location.From the Excel Simulation below, if in a blank cell on the Sheet1 tab "='Balance Sheet'!C10" was entered, the formula would output the result from cell C10 in the Balance Sheet tab, or 68,250 in this example.
• Basic Math functions:Allows you to use the basic math symbols to perform mathematical functions.You can use the following keys:+ (plus sign to add), - (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide).From the Excel Simulation below, if in a blank cell on the Balance Sheet tab "=C10+C11" was entered, the formula would add the values from those cells and output the result, or 83,500 in this example.If using the other math symbols the result would output an appropriate answer for its function.
• SUM function:Allows you to refer to multiple cells and adds all the values.You can add individual cell references or ranges to utilize this function.From the Excel Simulation below, if in a blank cell "=SUM(C10,C11,C12)" was entered, the formula would output the result of adding those three separate cells, or 91,000 in this example.Similarly, if in a blank cell "=SUM(C10:C12)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 91,000 in this example.

Libby Stmt of Cash Flows-JSH - Excel ? 6 - X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Ruler Formula Bar Normal Page Break Page Custom Gridlines Headings Zoom 100% Zoom to Window Macros Preview Layout Views Selection Workbook Views Show Zoom Macros A1 v fx B D E F G H Note: Carefully read the notes at the bottom of this statement. I & S Apparel Industries Balance Sheet December 31, 2016 2016 2015 Assets Current Assets Cash 68,250 $ 63,500 Accounts Receivable 15,250 $ 22,250 Prepaid Insurance 7,500 $ 0,000 Merchandise Inventory 35,000 $ 20,000 14 Total Current Assets 126,000 $ 115,750 15 Property and Equipment: 16 Buildings 350,000 $ 350,000 17 Equipment 210,000 $ 150,000 18 Total Cost 560,000 $ 500,000 19 Accumulated Depreciation 60,000 $ 45,000 20 Net Property and Equipment 500,000 $ 455,000 Total Assets 626,000 $ 570,750 Liabilities Current Liabilities Accounts Payable $ 40,000 $ 41,850 25 Wages Payable 58,000 | $ 40,000 Unearned Revenue 20,000 S 5,000 Interest Payable 4,000 $ 5,000 Taxes Payable 10,000 $ 8,000 Total Current Liabilities 132,000 $ 119,850 Notes Payable (LT) 104,000 $ 125,000 Total Liabilities S 236,000 $ 244,850 Stockholders Equity Common Stock 30,000 $ 25,000 Additional paid-in Capital 275,000 $ 250,000 Retained Earnings 85,000 $ 50,900 Total Stockholders' Equity 390,000 $ 325,900 Total Liabilities and S S 626,000 $ 570,750 Notes to financial statements 1 Dividends Declared and Paid $ 12,650 2 Cash Received from sale of Equipment 8,000 3 Gain on sale of equipment shown on income statement 2,000 4 New equipment was purchased for cash 70,000 5 Additional Common Stock was issued 6 Notes were repaid and no additional loans were made 7 No buildings were purchased or soldB D E G 1 Required: 2 1) Complete the following calculations by referencing values from the Balance Sheet (found by W 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 c. Calculate the related Accumulated Depreciation for the equipment sold 9 10 Complete the Statement of Cash Flows (indirect method) shown below by using formulas that reference 11 data from the balance sheet (found by clicking the Balance Sheet tab at the bottom of this workbook). 12 Values pertaining to the notes at the bottom of the balance sheet have been placed in separate cell locations 13 so you can reference these numbers in your calculations. Read the notes at the bottom of the balance sheet carefully. 1 & 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 38 Net cash provided by (used in) investing activities 39 40 Cash Flows from Financing Activities: 41 Cash paid for Dividends 42 Issue common stock 43 Repayment of Notes 44 Net cash provided by (used in) financing activities 45 Net increase (decrease) in cash 46 Cash at beginning of the period 47 Cash at end of the period