Please complete 16-4B

Calibri . Vrap E Copy Paste BI USA E Merge & Center . * 99 Check. Cell Conditional Format as Calculation Formatting Table Format Painter Clipboard Font Alignment Number fx descriptions. I would recommend using problem 48 as a guide as you work on A MNOPQ 1 Complete Problems 16-1B, 16-4B, and 16-7B on the proper tab. 2. You can complete the problems in Excel and submit the Excel spreadsheet in Canvas or you can print out the Excel spreadsheet and complete by hand. You will 3. then need to scan in your completed worksheets and submit those in Canvas. 4 Each problem is worth 8 points. 6 Problem 16-1B 7 This problem focuses on preparing the cash flow from operation section of the statement of cash flows. 8. Remember you start with net income and then make the following adjustmer 9 Addback non-cash expenses 10 Adjust for gains and losses 11 Adjust for changes in current assets and current liabiltiies. | 12. The adjustments are backwards. An increase in asset is subtracted and a decrease is added. An increase in liabily is added and a decrease is subtracted. 14 Problem 16-4B 15. This is a cash flow spreadsheet. For this one, I have the beginning balances in the spreadsheet. I also have 16 the descriptions for the bottom part of the spreadsheet provided. 17. Remember, when doing this, debits always have to equal credits. When doing the adjustments, do them 18 lone adjustment at a time, making sure that the debits equal the credits. 20 Problem 16-7B 21. This is another cash flow spreadsheet. For this one, I provided the beginning balance but not the 22descriptichs. I would recommend using problem 4B as a guide as you work on 23. this one. Chapter 16 Pro S. PAGE LAYOUT FORMULAS DATA REVIEW VIEW NITRO PRO Nord Wrap Text General X Cut Be Copy Paste Format Painter calc S Merge & Center % 200 Conditional Format as Formatting Table- B 1 - A U- Alignment Clipboard frPIC Excess of Par - Common Chapter 16 Problem 16-4B Name Dec. 31. Cuttent Year GO GAZELLE CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Dec. 31. Prior Analysis of Changes Year Debit Credit B Balance sheet--debits 9 Cash $61,550 10 Accounts receivable 80,750 11 Inventory 250,700 12 Prepaid expenses 17,000 13 Equipment 200.000 14 $610,000 15 Balance sheet-credits 16 Accum. depreciation Equip. $95,000 17 Accounts payable 102,000 18 Short-term notes payable 10,000 19 Long-term notes payable 77,500 20. Common stock, $5 par value 200,000 21 PIC Excess of Par - Common 22 Retained earnings 126 500 $610,000 24 Statement of cash flows 25 Operating activities 26 Net income 27 Decrease in accounts receivable 28 Decrease in inventory 29 Decrease in prepaid expenses 30 Decrease in accounts payable 31 Depreciation expense 32 Loss on sale of equipment 33 Investing activities 34 Receipt from sale of equipment Pavment to purchase equipment Instructions Pr 16-18 Pr 16 4B Pr 16-78 FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW NITRO PRO A X Cut = = . Genera Arial 11 - A A La Copy Format Painter BIU. 3. S.A. Wrap Text Merge & Center - Paste $. 9 Clipboard Font Alignment GNU A21 X f r PIC Excess of Par-Common 34 Receipt from sale of equipment 35 Payment to purchase equipment 36 Financing activities 37 Borrowed on short-term note 38 Payment on long-term note 39 Issued common stock for cash 40 Payments of cash dividends 42 Noncash investing and financing activities 43 Purchase of equip. financed by long-term note payable 988 28989898 instructions Pr 16-18 Pr 16-43 Pr7 wird r ac are a complete statement ment of cash flows using the indirect method for the current vear. DiscloseCheck sting and financing activities in a note. ent year. Disclose Check Cash from operating activities, $130.200 poncash investing an alors Component he statement of cash flows prepared in part 1, giving special attention to the walyze and discuss the si f the cash dividend payment. wisdom of the cash ormation reported about Gazelle Corporation in ter to the informatio Problem 16-4BA Indirect: Cash flows spreadsheet DA Apied e a complete statement of ed Identify the debits a late statement of cash flows using a spreadsheet as in Exhibit 16A.1 using the indirect che debits and credits in the Analysis of Changes columns with letters that correspond to ng list of transactions and events. following list of tran Net income was $158,100. Accounts receivable decreased. laventory decreased. Prepaid expenses decreased. Accounts payable decreased. Depreciation expense was $38,600. Sold equipment costing $51,000, with accumulated depreciation of $22,850, for $26,050 cash. This yielded a loss of $2,100. h Purchased equipment costing $113,250 by paying $43,250 cash and (i.) by signing a long-term note payable for the balance. Borrowed $5,000 cash by signing a short-term note payable. L. Paid $47,500 cash to reduce the long-term notes payable. Issued 3,000 shares of common stock for $15 cash per share. m. Declared and paid cash dividends of $53,600. Check Analysis of Changes column totals, $681.950 607 Chapter 16 Reporting the Statement of Cash Flows GAZELLE CORPORATION Comparative Balance Sheets December 31 GAZELLE CORPORATION Income Statement For Current Year Ended December 31 t year. Current Year Prior Year $1,185,000 595,000 590,000 $ 38,600 362,850 Sales ............. Cost of goods sold.... Gross profit...... Operating expenses Depreciation expense..... Other expenses ..... Total operating expenses.... 1 under the indirect rs that correspond to $123,450 77.100 240,600 15,100 456,250 262,250 (110,750) $607,750 mentory xpenses $ 61,550 80,750 250,700 17.000 410,000 200,000 (95,000) $515,000 401,450 188,550 A olament assets of depreciation-Equipm ash. share. dividends. Other gains (losses) Loss on sale of equipment...... Income before taxes..... Income taxes expense.... Net income...... (2.100 186,450 28,350 $ 158, 100 Disides and Equity und payable J er notes payable. Tal current liabilities Lyter notes payable itabilities $ 17,750 15,000 32,750 100,000 132,750 $102,000 10,000 112,000 77,500 189,500 16-6A. Additional Information on Current-Year Transactions a. The loss on the cash sale of equipment was $2,100 (details in b). b. Sold equipment costing $51,000, with accumulated depreciation of $22,850, for $26,050 cash. c. Purchased equipment costing $113,250 by paying $43.250 cash and signing a long-term note payable for the balance. d. Borrowed $5,000 cash by signing a short-term note payable. e. Paid $47,500 cash to reduce the long-term notes payable. f. Issued 3,000 shares of common stock for $15 cash per share. g. Declared and paid cash dividends of $53,600. 215,000 200,000 Lully Common stock, $5 par Pa capital in excess dpa, common stock December 31 of 30,000 230,000 125,500 $515,000 Retained earnings... Total abilities and equity.... $607,750 Check Cash from operating activities, $130,200 le a complete statement of cash flows using the indirect method for the current year. Disclose any noncash investing and financing activities in a note. Required umont of cash flows prepared in part 1, giving special attention to the Prior Year trolysis Component