see attachment in excel. answer in excel

see attachment in excel. answer in excel

see attachment in excel. answer in excel

Excel Assessment: In this assignment, you will demonstrate your knowledge and competencies to use Excel to solve an accounting problem. Approximately 50% of your grade will be based on correct use of Excel and the remaining 50% will be based on your ability to create a Statement of Cash Flows using both the direct & indirect methods. Instructions: 1) Use the Comparative Balance Sheets & the Income Statement along with the additional information included in the tabs below to prepare a Statement of Cash Flows using the Direct Method. Place your answer on the Direct Method tab of this spreadsheet. 2) Use the Comparative Balance Sheets & the Income Statement along with the additional information below to prepare a Statement of Cash Flows using the Indirect Method. Place your answer on the Indirect Method tab of this spreadsheet. 3) Use the Excel formula function for all computations. 4) Do not copy and paste figures from the Balance Sheets or Income Statement when preparing the Statement of Cash Flows. Instead, reference data from one sheet to another using Excel formulas.. Additional information for Year 2: Based on the outstanding job of the asset managers, none of the accounts receivable were written off. The CFO sold investments in Year 2 worth $25,000 The asset acquisitions manager sold equipment she had purchased originally for $20,000 >>>>When the equipment was sold, it had already been depreciated by 40% The Board of Directors declared and paid dividends in Year 2. Common stock was issued in exchange for a plot of land the company planned to develop in the future. Operating Expenses: Uncollectible Accounts Expense $ 3,000 Depreciation Expense: Buildings 8,000 Depreciation Expense: Equipment 13,500 Your STUDENT NAME Company Comparative Balance Sheets At December 31, Year 2 Assets Current Assets Cash $ 60,000 Investment 30,000 Accounts receivable $ 152,000 Less Allowance for uncollectible acco 6,000 146,000 Inventory 118,000 Total Current Assets $ 354,000 Property, Plant, & Equipment Land $ 50,000 Buildings $ 160,000 Less Accumulated depreciation on Bui 40,000 120,000 Equipment 60,000 Less Accumulated depreciation: Equi 24,000 36,000 Total Property, Plant, & Equipment 206,000 Total Assets $ 560,000 Liabilities & Stockholder's Equity Liabilities Accounts payable Income taxes payable Long term notes payable Total liabilities Stockholder's Equity Common stock Retained earnings Total Stockholder's Equity $ 102,000 13,000 65,000 Year 1 $ $ 136,000 3,000 $ Total Liabilities & Stockholder's Equity 15,000 128,000 23,000 166,000 $ 509,500 95,000 8,000 80,000 $ 180,000 $ 295,000 85,000 133,000 84,000 $ 343,500 $ $ 160,000 32,000 41,500 18,500 71,500 55,000 $ 183,000 $ 236,500 90,000 $ 380,000 $ 326,500 $ 560,000 $ 509,500 Your STUDENT NAME Company Income Statement For the year ending Dec. 31, Year 2 Sales Less: Cost of Goods Sold Gross profit Operating Expenses Income from Operations Other Revenue & Expenses Gain on sale of investments Loss on sale of equipment Income before taxes Income tax expense Net Income $ 750,000 480,000 270,000 145,000 125,000 $ 7,000 (4,000) 3,000 128,000 52,000 $ 76,000 Your STUDENT NAME Company Statement of Cash Flows (Direct method) For the Year Ended Dec. 31, Year 2 Your STUDENT NAME Company Statement of Cash Flows (Indirect Method) For the Year Ended December 31, Year 2