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The Statement of Cash Flows Using Excel to prepare the statement of cash flows, indirect method The James Island Clothing Company began operations on July 1, 2018 The adjusted trial balance as of December 31, 2018, appears below, along with transaction data for 2018. JAMES ISLAND CLOTHING COMPANY Adjusted Trial Balance 12/31/18 Account Title 3 1 5 2 3 Balance Debit Credit 95,700 12,000 4,400 26,000 18,000 $ 6,000 5,500 10,000 33,000 100,000 Cash Accounts Receivable Inventory Office Equipment Truck Accumulated Depreciation Plant Assets Accounts Payable Note Payable--Short Term Note Payable-Long Term Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Rent Expense Advertising Expense Depreciation Expense 1 2. 3 4 5 6 7 8 9 1,000 15,000 3,600 2,000 800 6,000 12.000 4,400 26.000 18,000 5 Accounts Receivable Inventory Office Equipment Truck Accumulated Depreciation Plant Assets Accounts Payable Note Payable-Short Term Note Payable Long Term Common Stock Retixined Earning Divideod Sales Revenue Cost of Goods Sold Rent Expense Advertising Expense Depreciation Expense 6,000 5.500 10,000 33.000 100,000 1,000 15,000 3,600 2,000 800 5.000 169,500 $ $ 169,500 Transaction data for 2018 Gash paid for purchase of office equipment s 10,000 Cath paid for purchase of truck 5.000 Acquisition of plant ones with a long terminotes payable 33,000 Cash payment of dividends Cash recent from ance of common stock 100,000 se the blue shaded oves on the NIER ANSWERS to forint LWAYS se cell references and forms where appropriate to receive full credit. If you copy/paste from the instruction tab you will be marked wrong Use a minus signo are for any cash outflows or amounts to be subtracted 1.000 Complete the worksheet for the lames Island Clothing Company, filling in the transaction analysis columns (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong) Note: Some of the input cells marked in blue may not require entries. Leave the input cells blank that do not require an entry Spreadsheet for Statement of Cash Flows Panel A-Balance Sheet Balance 7/1/18 Transaction Analysis Debit Credit Balance 12/31/18 0 Cash Accounts Receivable Inventory Office Equipment " Truck Accumulated Depreciation Plant Assets Total Assets 0 0 0 0 S 0 0 Accounts Payable Note Payable-Short Term 7 Note Payable: Long Term Total Liabilities 3 Common Stock 5 Retained Earnings 6 Total Liabilities and Stockholders' Equity O DOO S 28 Panel B - Statement of Cash Flows 29 Cash Flows from Operating Activities: 30 Net Income 31 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities 32 Depreciation Expense. Plant Assets 33 Increase in Accounts Receivable 34 Increase in Inventory 35 Increase in Accounts Payable 36 Increase in Notes Payable-Short-term 37 Net Cash Provided by Operating Activities 38 Cash Flows from Investing Activities: 39 Cash Paid for Acquisition of Plant Assets 40 Net Cash Used for Investing Activities 41 Cash Flows from Financing Activities: 42 Cash Receipt from Issuance of Common Stock 43 Cash Payment of Dividends 44 Net Cash Provided by Financing Activities 45 Net Increase (Decrease) in Cash: 46 Total 47 1 Prepare the James Island Clothing Company statement of cash flows for the year months ended December 31, 2018. Use the indirect method. 2 Format cash flows from operating activities by the Indirect method. Leave cells blank if not used. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Note: Some of the input cells marked in blue may not require entries. 5 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
