Please complete 16-1B

Copy Paste BIUR A-EE E E E Merge & Center - $ . % 8.00 Format Painter Conditional For Formatting Ta Clipboard Font Alignment Number A22 descriptions. I would recommend using problem 4B as a guide as you work on EF 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 comple 3 then need to scan in your completed worksheets and submit those in Canvas. 4 Each problem is worth 8 points. 5 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 adjustments: 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 su 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 one 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 22 descriptions. I would recommend using problem 4B as a guide as you work on 23 this one. DATA REVIEW VIEW NITRO PRO KO FILE HOME INSERT PAGE LAYOUT FORMULAS 1 X Cut Times New Roma - 10 - AA Copy Paste Format Painter BIU A = General Wrap Text Merge & Center - $ % & Co Clipboard Font Alignment Number A19 XVfx F G 1 Chapter 16 Problem 16-1B CON SALT LAKE COMPANY Cash Flows from Operating ActivitiesIndirect Method For Year Current Ended December 31 10 Cash flows from operating activities 11 Net income 12 Adjustments to reconcile net income to net cash 13 provided by operating activities 14 Income statement items not affecting cash 18 Changes in current operating assets and liabilities Net cash provided by operating activities SEEN %%% instructions Pr 16-18 Pr 16-48P 16-78 READY d. Accounts paydo e. Income taxes payable increased. Refer to Golden Corporation's financial statements and related informatie Check Analysis of Changes column totals, $481,000 oblem 16-6A. Accounts Short-ter Total cur Long-tes Total lia Equity Prepare a complete statement of cash flows using the direct method for the est method for the current year. Problem 16-8A" Direct: Statement of cash flows P5 Check Required Salt Lake Company's current year income statement and selected balance sheet the current and prior years follow. Comm Paid- oft data at December 31 Retai Total Probiom te Indirect: Computing cash flows from operations P2 Requi 1. P. $156,000 SALT LAKE COMPANY Selected Balance Sheet Accounts Anal Expenses Cost of goods sold ... Depreciation expense... Salaries expense........... Rent expense .......... 2. 981 72,000 32,000 20,000 5,000 2,600 2,400 2,000 $ 20,000 At December 31 Accounts receivable........ Inventory ........ Accounts payable..... Salaries payable Utilities payable Prepaid insurance.. Prepaid rent ........ Current Year Prior Year $3,600 $3,000 860 2,400 2,600 900 600 Insurance expense............ Ref Interest expense............ 200 Utilities expense 140 Net income....... 100 Re Pre me th Check Cash from operating activities, $51,960 Required Prepare the operating activities section of the statement of cash flows using the indirect memo current year. Problem 16-2B Direct: Computing cash flows from operations Refer to the information in Problem 16-1B. Required rent year. Prepare the operating activities section of the statement of cash flows using the direct men sing the direct method for the cu