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QUESTION BELOW.

1. Prepared a statement of cash flows using indirect method.

Project #11: Statement of Cash Flows| 77 Fido's Food Mart Adjusted Trial Balance December 31,20XX Account Title Cash Debits Credits 56,996 9,512 Allowance for Doubtful Accounts Inventory Supplies Prepaid Insurance Equipment Vchicle Less: Accumulated Depreciation Equipment & 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 1,260 20,390 650 320 30,550 12,250 Vehicle 1,780 62,128 400 275 2,200 12,000 46,200 300 2,200 1,125 134,725 40 64,330 34,840 15 160 400 5,750 1,200 15,500 261,268 261,268 6 Project wA: Statement of Cash Flows Note: Use the Financial Starements prepared for Project No. 11 Cash flow activity Account type Current assets (except for Cash)ng Investing Long-term assets Other assets Current liabilities Long-term liabilities Equity Net income (from income statement) Investing Operating Financing Financing Operating 78 Project e3: 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 stafement 2 operatingnvesing FinanCing acfivifies activifies activities Example Income Statement Revenue Expenses (Other Than Depreciation) Depreciation Expense 1000 -27 Net Income Statement of Retained Earnings Beginning of the Period Plus Net Income End of the Period 561 KARD Project i#12: Statement of Cash Flows 79 : odpng 80 Project #12: Statement of Cash Flows Statement of Cash Flows example Indirect Method Operating Activites Net Income Plus: Depreciation Notes 444 (from Income statement) 27 (from Income Statement, added back to net income - no cash used) Change in Accounts Receivable Change in Inventory Change in Accounts Payable Change in Taxes Payable 14 100 34 8 Balance Sheet Change Balance Sheet Change Balance Sheet Change Balance Sheet Change Cash from Operating Activaties Investing Activities Equipment Purchased 110 Balance Sheet Change Cash Ued for Investing Activitics-110 Financing Activities Increase in Notes Payable Increase in Common Stock 88 50 138 627 Sum of Above 253 From Balance Sheet (Beginning Balance) 880 From Balance Sheet (Ending Balance) Balance Sheet Change Balance Sheet Change Cash from Financing Activities Change in Cash for the Period Beginning of the Period Cash End of the Period Cash t Changes are recorded opposite of how they are calculated.If the asset account is increase during the period,it is subtracted on the Statement of Cash Flows. For changes in Li Equity accounts, increased and decreased maintain the same mathmetical operation