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 Cash Accounts Receivable Inventory Office Equipment Truck 6,000 Accumulated Depreciation-Plant Assets Accounts Payable Note Payable-Short Term 5,500 10,000 33,000 100,000 Note Payable-Long Term Common Stock Retained Earnings Dividends 1,000 Sales Revenue 15,000 Cost of Goods Sold 3,600 Rent Expense 2,000 Advertising Expense 800 Depreciation Expense 6,000 169,500 $ 169,500 Transaction Data for 2018 Cash paid for purchase of office equipment 6,000 Cash paid for purchase of truck 5,000 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. $ $ Adjusted Trial Balance Debit Credit 95,700 12,000 4,400 26,000 18,000 $
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 Cash Accounts Receivable Inventory Office Equipment Truck 6,000 Accumulated Depreciation-Plant Assets Accounts Payable Note Payable-Short Term 5,500 10,000 33,000 100,000 Note Payable-Long Term Common Stock Retained Earnings Dividends 1,000 Sales Revenue 15,000 Cost of Goods Sold 3,600 Rent Expense 2,000 Advertising Expense 800 Depreciation Expense 6,000 169,500 $ 169,500 Transaction Data for 2018 Cash paid for purchase of office equipment 6,000 Cash paid for purchase of truck 5,000 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. $ $ Adjusted Trial Balance Debit Credit 95,700 12,000 4,400 26,000 18,000 $
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter12: The Statement Of Cash Flows
Section: Chapter Questions
Problem 12.1P
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