Statement of Cash Flows and Excel's SUM Function and Multi-Tab Cell Referencing 1 & S Apparel Industries has provided Its Balance Sheet and Financial Statement Notes on the first tab of the Excel Simulation below. The Controller has asked you to prepare the Statement of Cash Flows. Use the Information Included in the Excel Simulation and the Excel functions described below to complete the task Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell on the Balance Sheet tab, "=C12" was entered, the formula would output the result from cell C12, or 7,500 In this example. Multi-Tab Cell Reference: Allows you to refer to data from another cell in a separate tab in the worksheet. When using the multi-tab cell reference, type the equal sign first, then click on the other tab and then click on the cell you want to reference. The syntax of a multi-tab cell reference looks different than a normal cell reference, since it includes the tab name surrounded by apostrophes and also an exclamation point before the cell location. From the Excel Simulation below, if In a blank cell on the Sheet1 tab "='Balance Sheet'!C10" was entered, the formula would output the result from cell C10 in the Balance Sheet tab, or 68,250 In this example. Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add),- (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if In a blank cell on the Balance Sheet tab =C10+C11" was entered, the formula would add the values from those cells and output the result, or 83,500 In this example. If using the other math symbols the result would output an appropriate answer for its function. SUM function: Allows you to refer to multiple cells and adds all the values. You can add Individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell"=SUM(C10,C11,C12)" was entered, the formula would output the result of adding those three separate cells, or 91,000 In this example. Similarly, if in a blank cell "=SUM(C10:C12)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 91,000 in this example. $ Notes to financial statements 1 Dividends Declared and Paid 2 Cash Received from sale of Equipment 3 Gain on sale of equipment shown on income statement 4 New equipment was purchased for cash 5 Additional Common Stock was issued 6 Notes were repaid and no additional loans were made 7 No buildings were purchased or sold 12,650 8,000 2,000 70,000 2015 63,500 22,250 10,000 20,000 115,750 Balance Sheet December 31, 2016 2016 Assets Current Assets Cash S 68,250 S Accounts Receivable 5 15,250S Prepaid Insurance $ 7,500 $ Merchandise inventory S 35,000 $ Total Current Assets $ 126,000 5 Property and Equipment: Buildings $ 350,000 $ Equipment $ 210.000 $ Total Cost $ 560.000 $ Accumulated Depreciation $ 60,000 $ Net Property and Equipment $ 500,000 $ Total Assets $ 626,000 Liabilities Current Liabilities Accounts Payable $ 40,000 S Wages Payable $ 58,000 $ Unearned Revenue $ 20,000 $ Interest Payable $ 4.000 5 Taxes Pavable S 10,000 S Total Current Liabilities $ 132.000 $ Notes Payable (LT) $ 104.000 $ Total Dabil des $ 236.000 $ Stockholders' Equity Common Stock S 30,000 S Additional paid-in Capital $ 275,000 $ Retained Earnings 5 85,000 5 Total Stockholders Equity S 390,000 $ Total Liabilities and SE $ 525,000 $ 350,000 150.000 500.000 45,000 455,000 570 750 41,850 40,000 25.000 5 .000 8,000 119.850 125.000 244.550 25,000 250,000 50,900 325,900 570,750 Required: Complete the following calculations by referencing values from the Balance Sheet (found by clicking the Balance Sheet tab at the bottom of this workbook) and values from the notes found at the bottom of the balance sheet. Calculate the book value of the asset sold Calculate the historical cost of the asset sold Calculate the related Accumulated Depreciation for the equipment sold Statement of Cash Flows For the Year Ended December 31, 2016 Cash Flows from Operating Activities Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense Gain on sale of Equipment Changes in current assets and current liabilities: Accounts receivable Prepaid insurance Inventory Accounts payable Wages payable Junearned revenue interest payable Taxes payable Net cash provided by used in operating activities Icash flows from Investing Activities Equipment Purchased Equipment Sold Net cash provided by used in investing activities Icash flows from Financing Activities: Icash paid for Dividends issue common stock Repayment of Notes Net cash provided by used in financing activities Net increase (decrease in cash cash at beginning of the period cash at end of the period Statement of Cash Flows and Excel's SUM Function and Multi-Tab Cell Referencing 1 & S Apparel Industries has provided Its Balance Sheet and Financial Statement Notes on the first tab of the Excel Simulation below. The Controller has asked you to prepare the Statement of Cash Flows. Use the Information Included in the Excel Simulation and the Excel functions described below to complete the task Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell on the Balance Sheet tab, "=C12" was entered, the formula would output the result from cell C12, or 7,500 In this example. Multi-Tab Cell Reference: Allows you to refer to data from another cell in a separate tab in the worksheet. When using the multi-tab cell reference, type the equal sign first, then click on the other tab and then click on the cell you want to reference. The syntax of a multi-tab cell reference looks different than a normal cell reference, since it includes the tab name surrounded by apostrophes and also an exclamation point before the cell location. From the Excel Simulation below, if In a blank cell on the Sheet1 tab "='Balance Sheet'!C10" was entered, the formula would output the result from cell C10 in the Balance Sheet tab, or 68,250 In this example. Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add),- (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if In a blank cell on the Balance Sheet tab =C10+C11" was entered, the formula would add the values from those cells and output the result, or 83,500 In this example. If using the other math symbols the result would output an appropriate answer for its function. SUM function: Allows you to refer to multiple cells and adds all the values. You can add Individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell"=SUM(C10,C11,C12)" was entered, the formula would output the result of adding those three separate cells, or 91,000 In this example. Similarly, if in a blank cell "=SUM(C10:C12)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 91,000 in this example. $ Notes to financial statements 1 Dividends Declared and Paid 2 Cash Received from sale of Equipment 3 Gain on sale of equipment shown on income statement 4 New equipment was purchased for cash 5 Additional Common Stock was issued 6 Notes were repaid and no additional loans were made 7 No buildings were purchased or sold 12,650 8,000 2,000 70,000 2015 63,500 22,250 10,000 20,000 115,750 Balance Sheet December 31, 2016 2016 Assets Current Assets Cash S 68,250 S Accounts Receivable 5 15,250S Prepaid Insurance $ 7,500 $ Merchandise inventory S 35,000 $ Total Current Assets $ 126,000 5 Property and Equipment: Buildings $ 350,000 $ Equipment $ 210.000 $ Total Cost $ 560.000 $ Accumulated Depreciation $ 60,000 $ Net Property and Equipment $ 500,000 $ Total Assets $ 626,000 Liabilities Current Liabilities Accounts Payable $ 40,000 S Wages Payable $ 58,000 $ Unearned Revenue $ 20,000 $ Interest Payable $ 4.000 5 Taxes Pavable S 10,000 S Total Current Liabilities $ 132.000 $ Notes Payable (LT) $ 104.000 $ Total Dabil des $ 236.000 $ Stockholders' Equity Common Stock S 30,000 S Additional paid-in Capital $ 275,000 $ Retained Earnings 5 85,000 5 Total Stockholders Equity S 390,000 $ Total Liabilities and SE $ 525,000 $ 350,000 150.000 500.000 45,000 455,000 570 750 41,850 40,000 25.000 5 .000 8,000 119.850 125.000 244.550 25,000 250,000 50,900 325,900 570,750 Required: Complete the following calculations by referencing values from the Balance Sheet (found by clicking the Balance Sheet tab at the bottom of this workbook) and values from the notes found at the bottom of the balance sheet. Calculate the book value of the asset sold Calculate the historical cost of the asset sold Calculate the related Accumulated Depreciation for the equipment sold Statement of Cash Flows For the Year Ended December 31, 2016 Cash Flows from Operating Activities Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense Gain on sale of Equipment Changes in current assets and current liabilities: Accounts receivable Prepaid insurance Inventory Accounts payable Wages payable Junearned revenue interest payable Taxes payable Net cash provided by used in operating activities Icash flows from Investing Activities Equipment Purchased Equipment Sold Net cash provided by used in investing activities Icash flows from Financing Activities: Icash paid for Dividends issue common stock Repayment of Notes Net cash provided by used in financing activities Net increase (decrease in cash cash at beginning of the period cash at end of the period