please answer every question fully and thoroughly! explain step by step! thank you :)

76 Project #12: Statement of Cash Flows Note: Use the Financial Statements prepared for Project No. 11 Account type Current assets (except for Cash) Long-term assets Other assets Current liabilities Long-term liabilities Equity Net income (from income statement) Cash flow activity Operating Investing Investing Operating Financing Financing Operating b oobin Project #12: Statement of Cash Flows 7 7 Credits Debits 56,996 9,512 1,260 20,390 650 320 30,550 12,250 1,780 62,128 400 275 2,200 12,000 46,200 Fido's Food Mart Adjusted Trial Balance December 31, 20XX Account Title Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies Prepaid Insurance Equipment Vehicle Less: Accumulated Depreciation - Equipment & Vehicle Accounts Payable Interest Payable Unearned Revenue (Gift Cards) Dividends Payable Bonds Payable (mature 12/31/XX) Common Stock (200 shares @ $210/share) Additional Paid In Capital - Common Stock Dividends Declared Treasury Stock Retained Earnings Sales Revenue Less: Sales Discount Cost of Goods Sold Operating Expenses Bad Debt Expense Bank Charges Depreciation Expense Insurance Expense Interest Expense Rent Expense Supplies Expense Wages Expense Totals 300 2,200 1,125 134,725 40 64,330 34,840 3,260 1,780 160 400 5,750 1,200 15,500 261,268 261,268 78 Project #12: Statement of Cash Flows Required: Reference the Financial Statements from Project #11 1. Prepare a Statement of Cash Flows using the indirect method. cash flow statement operating activities Investing activities financing activities O dizain/Shutterstock.com Example Income Statement Revenue Expenses (Other Than Depreciation) Depreciation Expense Net Income 1000 -529 -27 444 Statement of Retained Earnings 117 Beginning of the Period Plus Net Income End of the Period 444 561 Example [Simplified) Balance Sheet Beginning of the End of the Period Period Assets Change in Balance Sheet Numbers Activity 253 627 145 14 880 159 125 1164 Cash Account Operating Operating 225 -100 623 299 110 Investing Operating -27 -127 189 -100 89 712 172 1336 Current Assets Cash Accounts Receivable Inventory Total Current Long-Term Assets Equipment Less: Accumulated Deprecaiton Total Long-Term Assets Total Assets Liabilities and Equity Current Liabilities Accounts Payable Taxes Payable Total Current Liabilities Long-Term Liabilities Notes Payable Equity Common Stock Retained Earnings Total Equity 126 Operating Operating 160 75 235 67 193 Project #12: Statement of Cash Flows Financing 257 345 145 117 195 561 756 50 444 Financing Operating 79 262 1336 712 Total Liabilities and Equity 80 Project #12: Statement of Cash Flows Statement of Cash Flows example Indirect Method Operating Activites Net Income Plus: Depreciation 444 27 -14 100 34 Notes (from Income statement) (from Income Statement, added back to net income - no cash used) Balance Sheet Change Balance Sheet Change Balance Sheet Change Balance Sheet Change 599 Balance Sheet Change Change in Accounts Receivable Change in Inventory Change in Accounts Payable Change in Taxes Payable Cash from Operating Activities Investing Activities Equipment Purchased Cash Used for Investing Activities Financing Activities Increase in Notes Payable Increase in Common Stock Cash from Financing Activities Change in Cash for the Period Beginning of the Period Cash End of the Period Cash -110 -110 Balance Sheet Change Balance Sheet Change 138 627 253 Sum of Above From Balance Sheet (Beginning Balance) From Balance Sheet (Ending Balance) 880 *Note: Asset Changes are recorded opposite of how they are calculated. If the asset account is increased during the period, it is subtracted on the Statement of Cash Flows. For changes in Liabilites and Equity accounts, increased and decreased maintain the same mathmetical operation