There are five problems that I needhelpwithon the attached excel sheet, Information needed to fill the excel sheet are also in a attached document. the designated numbers to do calculation are labeled January- February. This may seem confusing so feel free to ask questions if you do not understand the assignment.

Chapter 1 Exercise 2: Indirect calculation of operating cash flows Video Corporation's balance sheet revealed the following account balance information: Account Dec. 31, 20X6 Dec. 31, 20X5 Accounts receivable $52,000 $57,000 Merchandise inventory 75,000 68,000 Accounts payable 21,000 19,500 The accrual-basis net income was $107,000. In computing net income, the company recorded $12,600 of depreciation expense; there were no gains or losses from investing and financing activities. On the basis of the preceding information, calculate Video's cash flows from operating activities by using the indirect method. Chapter 1 Exercise 3: Indirect calculation of operating cash flows Specialty Services Inc. reported a net income of $110,000 for the year just ended, which includes an $18,000 gain on the sale of long-term investments. The following data were obtained from comparative balance sheets: Oct. 31, 20X2 Oct. 31, 20X1 Trade accounts receivable $245,000 $203,000 Merchandise inventory 230,000 308,000 Accumulated depreciation: equipment 120,000 65,000 Accounts payable 190,000 124,000 Accrued liabilities 38,000 73,000 There were no purchases or disposals of equipment during the year. The long-term investment had a carrying (book) value of $77,000 and was sold for cash on June 15. On the basis of the preceding information, determine the cash provided by operating activities from November 1, 20X1 through October 31, 20X2. The firm uses the indirect method of statement preparation. CHAPTER 1 Exercise 6: Equipment transaction and cash flow reporting The property, plant, and equipment section of ProComp Inc.'s comparative balance sheet follows: Dec. 31, 20X4 Dec. 31, 20X3 Land $ 94,000 $ 94,000 Equipment 652,000 527,000 Less: Accumulated depreciation (316,000) (341,000) Property, plant, & equipment New equipment purchased during 20X4 totaled $280,000. The 20X4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment. a. Determine the cost and accumulated depreciation of the equipment sold during 20X4. b. Determine the selling price of the equipment sold. c. Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method. CHAPTER 1 PROBLEM 2: Operating activities: Direct and indirect methods The 20X5 income statement of Office Products Inc. follows: OFFICE PRODUCTS INC. Income Statement for the Year Ended December 31, 20X5 Net sales $980,000 Cost of goods sold Beginning inventory Net purchases $235,000 720,000 Goods available for sale $955,000 Less: Ending inventory 260,000 Cost of goods sold 695,000 Gross profit $285,000 Expenses Selling & administrative Depreciation $149,000 54,000 203,000 $ 82,000 Other revenue (expense) Interest expense Gain on sale of equipment Income before income taxes Income taxes $ (18,000) 26,000 8,000 $ 90,000 27,000 Net income $ 63,000 1. The following additional information was obtained from the general ledger and management personnel: 1. Accounts payable related to the purchases of merchandise decreased during 20X5 by $32,800. In contrast, accounts receivable increased by $23,700. 2. Prepaid expenses and wages payable increased throughout 20X5 by $2,400 and $5,600, respectively. 3. The balance in the income taxes payable account on January 1 was $4,900; the December 31 balance was $4,100. 4. The company financed a $78,000 equipment purchase by signing a note payable that is due in 20X8. Instructions 1. Prepare the operating activities section of the statement of cash flows by using the direct method. 2. Prepare the operating activities section of the statement of cash flows by using the indirect method. CHAPTER 1 Problem 3: Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics Inc. revealed the following activity in the company's current accounts: 20X5 Current assets 20X4 Increase (decrease) Cash $ 55,400 $ 35,200 $ 20,200 Accounts receivable (net) 83,800 88,000 (4,200) Inventory 243,400 233,800 9,600 Prepaid expenses 25,400 24,200 1,200 Accounts payable $ 123,600 $140,600 $(17,000) Taxes payable 43,600 49,200 (5,600) Interest payable 9,000 6,400 2,600 Accrued liabilities 38,800 60,400 (21,600) Note payable 44,000 44,000 Current liabilities The accounts payable were for the purchase of merchandise. Prepaid expenses and accrued liabilities relate to the firm's selling and administrative expenses. The company's condensed income statement follows: SIGN GRAPHICS INC. Income Statement for the Year Ended December 31, 20X5 Sales Less: Cost of goods sold $713,800 323,000 Gross profit Less: Selling & administrative expenses $390,800 $186,000 Depreciation expense 17,000 Interest expense 27,000 Add: Gain on sale of land 230,000 $160,800 21,800 Income before taxes $182,600 Income taxes 36,800 Net income $145,800 1. Other data: 1. Long-term investments were purchased for cash at a cost of $74,600. 2. Cash proceeds from the sale of land totaled $76,200. 3. Store equipment of $44,000 was purchased by signing a short-term note payable. Also, a $150,000 telecommunications system was acquired by issuing 3,000 shares of preferred stock. 4. A long-term note of $49,400 was repaid. 5. Twenty thousand shares of common stock were issued at $5.19 per share. 6. The company paid cash dividends amounting to $128,600. Instructions 1. Prepare the operating activities section of the company's statement of cash flows, assuming use of 1) the direct method. 2) the indirect method. 2. Prepare the investing and financing activities sections of the statement of cash flows. Ash LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT Exercise/ Account to Problem be changed Ch 1 Ex 2 Net income Depreciation Accounts payable Questions Original Amount 107000 12600 21000 YOUR ANSWERS BASED UPON COURSE START DATE Net Income Accounts receivable Inventory Accounts payable Depreciation Cash Flow from Operating Activities Account to be changed Ch 1 Ex 3 Net Income Trade accounts receivable Merchandise inventory Accumulated depreciation: equipment Accounts payable Accrued liabilities Gain on sale of investments Original Amount 110000 245000 230000 120000 190000 38000 18000 YOUR ANSWERS BASED UPON COURSE START DATE Net Income Trade accounts receivable Merchandise inventory Accumulated depreciation: equipment Accounts payable Accrued liabilities Gain on sale of investments Cash Flow from Operating Activities Ch 1 Ex 6 Account to be changed New equipment purchased Depreciation expense Original Amount Dec. 31, 20X4 280000 41000 YOUR ANSWERS BASED UPON COURSE START DATE Cost of equipment sold Accumulated depreciation of sold equipment Selling price of equipment sold Sale of equipment on cash flow statement Ch 1 Pb 2 Account to be changed Accounts payable decreased Accounts receivable increased Prepaid expenses increased wages payable increased Income taxes payable decreased Original Amount 32800 23700 2400 5600 800 YOUR ANSWERS BASED UPON COURSE START DATE Direct Method Cash collected Less cash paid for: Inventory Selling & administrative Interest expense Income taxes Net cash provided by operating activities Indirect Method Net income Accounts payable decreased Accounts receivable increased Prepaid expenses increased wages payable increased Inventory Income taxes payable decreased Depreciation Gain on sale of equipment Net cash provided by operating activities CH 1 Pb 3 Account to be changed Accounts receivable (net) Inventory Accounts payable Taxes payable Sales Net income Long tem investments purchased Sale of land cash proceeds Store equipment purchased - short term note Purchased equipment issue 3000 pref shares Long term note repaid Common stock issued - shares Original Amount 83800 243400 123600 43600 713800 145800 74600 76200 44000 150000 49400 20000 YOUR ANSWERS BASED UPON COURSE START DATE Prepare the operating activities section of the statement of cash flows by using the direct method. Cash collected Less cash paid for: Inventory Selling & administrative Interest expense Income taxes Net cash provided by operating activities Prepare the operating activities section of the statement of cash flows by using the indirect method. Net income Accounts receivable Inventory Prepaid expenses Accounts payable Taxes payable Interest payable Accrued liabilities Gain on sale of land Depreciation Net cash provided by operating activities Prepare the investing and financing activities sections of the statement of cash flows. Cash flows from investing activities Purchase of long-term investments Proceeds from sale of land Net cash provided by investing act. Cash flows from financing activities Repayment of long-term note Issuance of common stock* Dividends paid Net cash used by financing activities * 20,000 shares X $5.19 = $103,800 Note: The store equipment and telecommunications system transactions would be reported as noncash investing/ financing activities Ashford University ACC206 Guidance Report Week One YELLOW INDICATES ACCOUNT AMOUNTS CHANGED Change Account to: Based Upon Course Start Date Jan-Feb $ $ $ Mar-Apr May-Jun Jul-Aug 109,000 $ 111,000 $ 113,000 $ 13,000 $ 15,000 $ 16,000 $ 22,000 $ 23,000 $ 24,000 $ Sept-Oct 115,000 $ 120,000 18,000 $ 20,000 25,000 $ 26,000 Jan-Feb Mar-Apr May-Jun Jul-Aug Sept-Oct $ 112,000 $ 114,000 $ 116,000 $ 117,000 $ 118,000 $ 246,000 $ 248,000 $ 249,000 $ 250,000 $ 255,000 $ 231,000 $ 232,000 $ 232,000 $ 235,000 $ 240,000 $ 121,000 $ 122,000 $ 124,000 $ 125,000 $ 130,000 $ 191,000 $ 193,000 $ 194,000 $ 195,000 $ 200,000 $ 39,000 $ 40,000 $ 41,000 $ 45,000 $ 45,000 $ 18,000 $ 18,000 $ 18,000 $ 18,000 $ 18,000 Jan-Feb Mar-Apr May-Jun Jul-Aug Sept-Oct 1, 20X4 $ $ 290,000 42,000 $ $ 295,000 43,000 $ $ 296,000 44,000 $ $ 297,000 45,000 $ $ 298,000 46,000 Jan-Feb Mar-Apr May-Jun Jul-Aug Sept-Oct $ 33,800 $ 34,800 $ 35,800 $ 36,800 $ 37,800 $ 24,275 $ 24,850 $ 25,425 $ 26,000 $ 26,575 $ 2,975 $ 3,550 $ 4,125 $ 4,700 $ 5,275 $ 6,175 $ 6,750 $ 7,325 $ 7,900 $ 8,475 $ 1,375 $ 1,950 $ 2,525 $ 3,100 $ 3,675 Jan-Feb Mar-Apr May-Jun Jul-Aug $ 84,800 $ 85,800 $ 86,800 $ $ 244,400 $ 245,400 $ 246,400 $ $ 124,600 $ 125,600 $ 126,600 $ $ 44,600 $ 45,600 $ 46,600 $ $ 718,000 $ 723,000 $ 728,000 $ $ 150,000 $ 155,000 $ 160,000 $ $ 75,600 $ 76,600 $ 77,600 $ $ 77,200 $ 78,200 $ 79,200 $ $ 45,000 $ 46,000 $ 47,000 $ $ 151,000 $ 152,000 $ 153,000 $ $ 49,900 $ 50,400 $ 50,900 $ 20500 21000 21500 Sept-Oct $ 88,800 $ 248,400 $ 128,600 $ 43,600 $ 738,000 $ 170,000 78,600 $ 79,600 80,200 $ 81,200 48,000 $ 49,000 154,000 $ 155,000 51,400 $ 51,900 22000 22500 87,800 247,400 127,600 47,600 733,000 165,000 Nov-Dec $ 121,000 $ 21,000 $ 27,000 Nov-Dec $ 120,000 $ 256,000 $ 241,000 $ 141,000 $ 201,000 $ 46,000 $ 18,000 Nov-Dec $ $ 299,000 47,000 Nov-Dec $ 38,800 $ 27,150 $ 5,850 $ 9,050 $ 4,250 Nov-Dec $ 89,800 $ 249,400 $ 129,600 $ 43,600 $ 748,000 $ 180,000 $ 80,600 $ 82,200 $ 50,000 $ 156,000 $ 52,400 23000