Requirements: 1. Complete the worksheet for the James Island Clothing Company, filling in the transaction analysis columns. Note: Some of the input cells marked in blue may not require entries. 2. Prepare the James Island Clothing Company statement of cash flows for the six months ended December 31, 2018. Use the indirect method. Note: Some of the input cells marked in blue may not require entries. Excel Skills: 1. Use cell references in formulas. 2. Format cells with comma format, dollar format, and underlines as appropriate.

Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter13: Statement Of Cash Flows
Section: Chapter Questions
Problem 13.3BPR
icon
Related questions
Question
100%
Not sure how to complete
Chapter 14
Using Excel
P14-46 Using Excel to prepare the statement of cash flows, Indirect method
The James Island Clothing Company began operations on July 1, 2018.
The adjusted trial balance as of December 31, 2018 appears below, along with transaction data for 2018.
THE JAMES ISLAND CLOTHING COMPANY
Worksheet
12/31/18
Account Title
Adjusted Trial Balance
Debit
Credit
Cash
95,700
Accounts Receivable
12,000
Inventory
4,400
Office Equipment
26,000
Truck
18,000
Accumulated Depreciation-Plant Assets
Accounts Payable
Note Payable-Short Term
Note Payable-Long Term
Common Stock
Retained Earnings
Dividends
1,000
Sales Revenue
3,600
Cost of Goods Sold
Rent Expense
2,000
Advertising Expense
800
Depreciation Expense
6,000
$ 169,500 $
Transaction Data for 2018
Cash paid for purchase of office equipment
$
6,000
5,000
Cash paid for purchase of truck
Acquisition of Property, Plant, and Equipment with Notes Payable-Long-term
Cash payment of dividends
33,000
1,000
100,000
Cash receipt from issuance of common stock
Requirements:
1. Complete the worksheet for the James Island Clothing Company, filling in the transaction analysis columns.
Note: Some of the input cells marked in blue may not require entries.
2. Prepare the James Island Clothing Company statement of cash flows for the six months ended December 31, 2018. Use the indirect method.
Note: Some of the input cells marked in blue may not require entries.
Excel Skills:
1. Use cell references in formulas.
2. Format cells with comma format, dollar format, and underlines as appropriate.
$
$
6,000
5,500
10,000
33,000
100,000
15,000
169,500
Transcribed Image Text:Chapter 14 Using Excel P14-46 Using Excel to prepare the statement of cash flows, Indirect method The James Island Clothing Company began operations on July 1, 2018. The adjusted trial balance as of December 31, 2018 appears below, along with transaction data for 2018. THE JAMES ISLAND CLOTHING COMPANY Worksheet 12/31/18 Account Title Adjusted Trial Balance Debit Credit Cash 95,700 Accounts Receivable 12,000 Inventory 4,400 Office Equipment 26,000 Truck 18,000 Accumulated Depreciation-Plant Assets Accounts Payable Note Payable-Short Term Note Payable-Long Term Common Stock Retained Earnings Dividends 1,000 Sales Revenue 3,600 Cost of Goods Sold Rent Expense 2,000 Advertising Expense 800 Depreciation Expense 6,000 $ 169,500 $ Transaction Data for 2018 Cash paid for purchase of office equipment $ 6,000 5,000 Cash paid for purchase of truck Acquisition of Property, Plant, and Equipment with Notes Payable-Long-term Cash payment of dividends 33,000 1,000 100,000 Cash receipt from issuance of common stock Requirements: 1. Complete the worksheet for the James Island Clothing Company, filling in the transaction analysis columns. Note: Some of the input cells marked in blue may not require entries. 2. Prepare the James Island Clothing Company statement of cash flows for the six months ended December 31, 2018. Use the indirect method. Note: Some of the input cells marked in blue may not require entries. Excel Skills: 1. Use cell references in formulas. 2. Format cells with comma format, dollar format, and underlines as appropriate. $ $ 6,000 5,500 10,000 33,000 100,000 15,000 169,500
Requirement 1
Complete the worksheet for the James Island Clothing Company, filling in the transaction analysis columns.
Note: Some of the input cells marked in blue may not require entries.
Spreadsheet for Statement of Cash Flows
Panel A-Balance Sheet
Cash
Accounts Receivable
Inventory
Office Equipment
Truck
Accumulated Depreciation-Plant Assets
Total Assets
Accounts Payable
Note Payable -Short Term
Note Payable - Long Term
Total Liabilities
Common Stock
Retained Earnings
Total Liabilities and Stockholders' Equity
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 Acquisition of Plant Assets
Net Cash Used for Investing Activities
Cash Flows from Financing Activities:
Cash Receipt from Issuance of Common Stock
Cash Payment of Dividends
Net Cash Provided by Financing Activities
Net Increase (Decrease) in Cash:
Total
$
$
$
Balance
7/1/18
0
0
0
0
0
0
0
0
0
0
0
0
0
ol
Transaction Analysis
Debit
Credit
Balance
12/31/18
Transcribed Image Text:Requirement 1 Complete the worksheet for the James Island Clothing Company, filling in the transaction analysis columns. Note: Some of the input cells marked in blue may not require entries. Spreadsheet for Statement of Cash Flows Panel A-Balance Sheet Cash Accounts Receivable Inventory Office Equipment Truck Accumulated Depreciation-Plant Assets Total Assets Accounts Payable Note Payable -Short Term Note Payable - Long Term Total Liabilities Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 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 Acquisition of Plant Assets Net Cash Used for Investing Activities Cash Flows from Financing Activities: Cash Receipt from Issuance of Common Stock Cash Payment of Dividends Net Cash Provided by Financing Activities Net Increase (Decrease) in Cash: Total $ $ $ Balance 7/1/18 0 0 0 0 0 0 0 0 0 0 0 0 0 ol Transaction Analysis Debit Credit Balance 12/31/18
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Personal Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial & Managerial Accounting
Financial & Managerial Accounting
Accounting
ISBN:
9781337119207
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781337398169
Author:
Carl Warren, Jeff Jones
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial & Managerial Accounting
Financial & Managerial Accounting
Accounting
ISBN:
9781285866307
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning