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Using a Spreadsheet to Prepare a Statement of Cash Flows
Fleet Limousine Service Inc. began operations in late March 2019. At the end of 2019, the following balance sheet was prepared for Fleet.
Required:
1. Using a spreadsheet, prepare a statement of cash flows for 2019. Assume Fleet Limousine uses the indirect method.
2. CONCEPTUAL CONNECTION Discuss whether Fleet Limousine appeals to have matched the timing of inflows and outflows of cash.
(a)
Concept introduction:
Cash flow statement: It shows inflow and outflow of cash and it is divided into three categories, i.e., operating, investing and financing activities. It is also known as statement of cash flows.
To prepare:
Cash Flow Statement for 2019 using indirect method.
Cash Flow Statement
| Cash Flow from operating activities | Amount |
|
| Net Income for the period | ||
| Adjustment required for reconciliation: | ||
| Depreciation | ||
| Increase in Supplies | ||
| Increase in Accounts Receivable | ||
| Increase in Accounts Payable | ||
| Increase in Unearned Service Revenue | ||
| Increase in Rent Payable | ||
| Increase in Salaries Payable | ||
| Net Cash Flow from Operating Activities | ||
| Cash Flow from Investing Activities | ||
| Equipment Purchases | </ |
(b)
Concept introduction:
Cash flow statement: It shows inflow and outflow of cash and it is divided into three categories, i.e., operating, investing and financing activities. It is also known as statement of cash flows.
ToExplain:
Whether the company had matching cash inflows and outflows.
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