Requierment 1 : Panel A -B

C D E H The James Idand clothing Company began operations only 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 $ 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 Balance Debit Crede 95,700 12.000 4.400 25,000 18,000 $ 6,000 5,500 10,000 33,000 100,000 1,000 15,000 3,600 2,000 800 6,000 169,500 $ $ 169,500 Transaction data for 2018 Cash paid for purchase of office equipment $ 6.000 Cash paid for purchase of truck 5,000 Acquisition of plant assets with a long-term notes payable 33,000 Cash payment of dividends 1.000 Cash receipt from suance of common stock 100.000 Use the Nue shaded areas on the ENTER ANSWERS tab for inputs. ALWAYS use cell references and formulas where appropriate to receive full credit. If you copy/paste from the retruction tab you will be marked wrong. We a minus in or parentheses for any cash outflows or amounts to be subtracted. Requirements Possible Points 1 Complete the worlatet for the James Island Clothing Company, filling in the Transaction Analysis columns Noter Some of the input cells marked in blue may not require entre 2 Prepare the lames Island Clothing Company statement of cash flows for the year ended December 31, 2018 Use the Indirect method 44 Note: Some of the input cells marked in blue may not require entries HINTS C11:26 Use cell references to appropriate values on Instructions and ENTERASWERS1 worksheets for calculations. E16 I Note that accumulated depreciation of plant assets should be a negative value for total assets calculation. C17:017, c22:022 Do not calculate total assets and liabilities for debit and credit columns. Leave these cells blank. C26:026 Use the function =SUMO) to calculate total debit and credit transactions. C30:043 | Use an equal sign (-) and the appropriate cells from the spreadsheet for statement of cash flows. Place cash outflows in column Cand cash inflows in column D. C32 Depreciation Expense should be entered as a positive value in this cell. 039 Use cell references to the Transaction Data table in Instructions worksheet to calculate cash paid for acquisition of plant assets. C45:04S Calculate the net change in cash using values in Panel B. If there is a decrease in cash, enter it as a negative value in column C. If there is an increase in cash, enter it as a positive value in column D. D45 D THE LAMES ISLAND CLOTHING COMPANY Spreadsheet for Statement of Cash Flows Year Ended December 11, 2018 Panel A-Balance Sheet Balance 7/1/18 $ Cash Accounts Receivable Inventory Office Equipment Truck Accumulated Depreciation-Plant Assets Total Assets Balance Transaction Analysis 12/31/18 Debit Credit o $ 95,200.00 $ 95,700.00 0 $ 12,000.00 $ 12,000.00 0 $ 4,400.DO $ 4 400.00 o $ 26,000.00 $ 26,000.00 0 $ 18,000.00 $ 18,000.00 0 $ 6,000.00 $ 6,000.00 0 $ 150,100.00 $ 0 Accounts Payable Note Payable Short Term Note Payable - Long Term Total abilities O $5,500.00 $ 5,500.00 $ 10.000.00 $ 10,000.00 S 33,000.00 $ 33,000.00 $ 48,500.00 0 0 Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 0 $ 100,000.00 $ 100,000.00 o $ 1,000.00 $ 2,600.00 5 1,600.00 o $ 157,100.00 $ 139,900.00 $ $ S 2,500.00 $ 6,000.00 $ 12,000.00 5 4,400.00 S 5,500.00 5 10,000.00 Panel B-Statement of Cash Flows Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation Expense - Plant Assets Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable Increase in Notes Payable-Short-term Net Cash Provided by Operating Activities Cash Flows from investing Activities Cash Paid for Action of Plant Assets Net Cash Used for investinr Activities Cash Flows from Financing Activities Cash Recept from Issuance of Common Stock Cash Payment of Dividends Net Cash Provided by Financing Activities Net Increase (Decrease) in Cash: Total 5 5,100.00 S 1,000.00 1s S 100,000.00 5 1,000.00 $ 99,000.00 $ 104,100.00 $ 104,100.00