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This is for extra credit for my accounting class and I was wondering if anyone can help me out. Thank you Extra Credit - Cash
This is for extra credit for my accounting class and I was wondering if anyone can help me out.
Thank you
Extra Credit - Cash Flow Stmt Submit Assignment Due Sunday by 11:59am Points o Submitting a file upload File Types doc, docx, xls, and pdf Available Nov 16 at 12am - Nov 22 at 11:59pm 7 days Please go to your text page 648 and Do P11-61A the Statement of Cash Flows for Queen Supply Co. Prepare the cash flow statement using either Word or Excel. Prepare the operating activities sections only. It is worth ten points. You will not earn extra points for doing the financing and investing activities sections. Attach your Word or Excel document here. LO 2,3 P11-61A. (Learning Objectives 2.3: Prepare the statement of cash flows-indirect method) The 2018 and 2017 comparative balance sheets and 2018 income statement of Queen Supply Corp. follow: AL 1 Queen Supply Corp Comparative Balance Sheets Current assets: Cash and cash equivalents Accounts receivable 7 Inventories Prepaid expenses 9 Plant assets: 10 Land 11 Equipment, et 12 Total assets 13 Current liabilities 14 Accounts payable 15 Salary payable 16 Other accrued liabilities 17 Long-term liabilities 18 Notes payable 19 Stockholders' equity 20 Common stock, no par 21 Retained earings 22 Total liabilities and stockholders' equity 23 December 31, Increase 2018 2017 (Decrease) $ 17,800 $ 9,000$ 3,800 50,200 42,000 8,200 56700 43,300 13,400 2,300 5.000 12.700 68,500 30,800 37,700 53.100 49,000 4,700 $249,200 $ 179,100 $ 70,100 $ 35,700 $26,500 $9,200 27,000 18 100 8,900 21,200 2.700 65,000 27,000 38,000 88,000 64,400 23.00 12,300 19,200 16,900 $249,200 $ 179.100 $ 10,100 $ 419,000 Queen Supply Corp. Income Statement Year Ended December 31, 2018 2 Revenues Sales revenue 4 Expenses Cost of goods sold 6 Salary excense 7 Depreciation expense 8 Other operating expense Interest expense 10 Income tax expense 11 Total expenses 12 Net Income 13 $ 180,000 77,000 16,800 49,600 24.800 28,700 $ 283,500 $5,500 Queen Supply had no noncash imvesting and financing transactions during 2018. During the year, there were no sales of land or equipment, no payment of notes payable, no retirements of stock, and no treasury stock transactions Requirements 1. Prepare Queen Supply's 2018 statement of cash flows. Use the indirect method to format operating activities. 2. How can the concepts used in this problem help you evaluate an investmentStep by Step Solution
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