Prepare the operating activities section of a statement of cash flows using the indirect method

Channel Dashboard - YouTu... (10) Hello Neighbor: Hide&... Un interactive presen ... MUNU SLL LLL omework Saved Prepare a schedule of net cash provided by operating activities. X MUH FILE . . HOME . Prepare the Operating Activities Section of a Statement of Cash Flows using the Indire... ? INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW - 8 Sign in 1 Paste B T U. .A Alignment Number Conditional Format as Cell Cells Editing - Formatting Table Styles Clipboard Font Styles AL E X The following information is for FloorCo, Inc. for the year just ended: F G H 1 The following information is for FloorCo, Inc. for the year just ended: Beginning of rences End of year year 5 6 7 $ $ Current assets: Cash Accounts receivable Inventory Prepaid expenses 75,000 158,000 285.000 11.000 90,000 140.000 246,000 16,000 9 11 Current liabilities 12 Accounts payable 13 Accrued liabilities 14 Income taxes payable 284.000 9.500 27,000 302.000 11.200 24.000 94,500 16 Net income 18 Accumulated depreciation total credits S 45.000 lomework Prepare a schedule of net cash provided by operating activities. O X - 8 Sign in B 5. FILE HOME X Calton Paste B T Clipboard F29 50 Prepare the Operating Activities Section of a Statement of Cash Flows using the Indire... 7 INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW - A U. B. .A. Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles - Font Styles book total credits $ 45,000 21 Floor Company did not record any gains or losses during the year. O References 23 Prepare a schedule of net cash provided by operating activities. FloorCo, Inc. Operating Activities Section of the Statement of Cash Flows 28 Net income 29 Adjustments to reconcile net income to net cash provided by operations Depreciation 31 Increase in accounts receivable 32 Increase in inventory 33 Decrease in prepaid expenses Decrease in accounts payable 35 Decrease in accrued liabilities 36 Increase in income taxes payable 37 Net cash provided by operating activities s Prev 6 7 # Next > work Calibri B T 11 . # Editing Paste V. AA = % D E . A Alignment Number Conditional Format as Cell Formatting Table Styles Styles Required: Cells - Clipboard Font Al * 1 Required: 2 Complete the statement of cash flows (indirect method) shown below by using formulas that reference 3 data from the income statement and balance sheet (found by clicking the tabs at the bottom of this 4 worksheet. Note: Blank cells may be included in calculations. INNOVATION ELECTRONICS, INC. Statement of Cash Flows For the Year Ended December 31, 20X2 9 Cash Flows from Operating Activities: 10 Net income 11 Adjustments to reconcile net income to net cash 12 provided by operating activities: 13 Depreciation expense 14 Gain (on sale of land) IS Changes in current assets and current liabilities: 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 Income tax payable 22 Net cash provided by (used in) operating activities 24 Cash Flows from Investing Activities: . .. Income Statement Balance Sheet READY Attempts) Cash Flow + 100 Formatting Styles - Table Styles Clipboard Font Required: 15 Changes in current assets and current liabilities: 16 Accounts receivable 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable ! 21 Income tax payable 22 Net cash provided by (used in) operating activities 24 Cash Flows from Investing Activities: 25 Purchase investments 26 Sale of land 27 Net cash provided by (used in) investing activities 28 29 Cash Flows from Financing Activities: 30 Issue common stock 31 Issue long term note 32 Net cash provided by (used in) financing activities 33 Net increase (decrease) in cash 34 Cash at beginning of the period 35 Cash at end of the period ... Income Statement Balance Sheet Cash Flow ... O READY Attempt(s) B B FILE INSERT - HOME Calibri B T Prepare a statement of cash flows using the indirect method - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW " PAA = - A. Alignment Number Conditional Format as Cell Cells - Formatting Table - Styles - - Styles W Editing Clipboard Font A1 fo Note: To complete the assignment, go to the worksheet tab labeled Cash Flow E F B C D 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows. 4 6 7 8 INNOVATION ELECTRONICS, INC Income Statement For the Year Ended December 31, 20X2 Net sales $ Gain on sale of land 2.430000 6.500 10 Total revenues 2.436,500 12 $ 15 16 17 Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense 1.565.000 598.000 16,000 17,000 63,000 Total expenses 2.259.000 Net income $ 177.500 Clipboard Font Formatting Table Styles Styles Note: To complete the assignment, go to the worksheet tab labeled AI X f 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows. 3 Note: Additional information is included at the bottom of the statement. INNOVATION ELECTRONICS, INC. Balance Sheet At December 31 20x2 20X1 Assets Current assets: 10 Cash $ 184,420 $ 25.740 11 Accounts receivable 68,700 83,000 12 Inventory 134,500 128,000 Prepaid insurance 2.980 4560 14 Long-term assets: 15 Investments 211,000 120.000 16 Land 208,500 235,000 17 Equipment 203,000 203,000 Accumulated depreciation (117,500) (101,500) ces Total assets $ 895,600 $ 717,800 23 24 25 Liabilities and Stockholders' Equity Current liabilities: Accounts payable . .. Income Statement Balance Sheet 26,500 Cash Flow $ ... 81,000 I READY Attempt(s) Paste TU . .A. Cells Editinn Alignment Number Conditional Formatas Cell Formatting" Tablet Styles Styles Opboard Font X Note: To complete the assignment, go to the worksheet tab labeled Cash Flo 17 18 Equipment Accumulated depreciation 203,000 (117,500) 20300 (101500) 19 20 Total assets $ 895,600 717,800 23 24 25 26 $ $ 26,500 3,400 30,200 81000 2,300 32,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 28 255,000 242,000 30 273.000 307,500 230.000 130.000 Total liabilities and stockholders' equity $ 895,6005 7 17,800 36 Additional Information for 20X2: 37 1. Assume that all increases and decreases in long term assets, long term liabilities, 38 and common stock are a result of cash transactions. 39 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other 40 long-term assets were sold. 41 3. Additional long-term investments were purchased. ... Income Statement Balance Sheet Cash Flow ... O READY Attempt(s) Hint Paste BIU. A Calls Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Note: To complete the assignment, go to the worksheet tab labeled Cash Flo D $ 24 25 26 27 28 29 30 26,500 3,400 30,200 81,000 2,300 32,500 Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 255,000 242,000 273,000 307,500 230,000 130.000 33 34 Total liabilities and stockholders' equity $ 895,600 $ 717,800 36 Additional Information for 20X2: 37 1. Assume that all increases and decreases in long term assets, long term liabilities, 38 and common stock are a result of cash transactions. 39 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other 40 long-term assets were sold. 41 3. Additional long-term investments were purchased. 42 4. An additional long-term note payable was signed. No repayments on 43 notes were made. 44 5. Additional common stock was issued. ... Income Statement Balance Sheet Cash Flow ... TI READY HI! E - Attempt(s) Hint