Statement of Cash Flows- Indirect Method
calliewatson
ManagerialAccounting-Problem13-1A1.xlsxPr. 14(13)-1A
| Problem 14(13)-1A | # Incorrect N-box and B-box entries COUNTIF(B15:G24,"~*") | |||
| Name: | 0 | |||
| Section: | # N-box Incorrects due to blanks COUNTIF(B15:AT24," ") | |||
| 28 | ||||
| Score: | 0% | # N-box +B-box corrects COUNTIF(B15:AT24," ") | ||
| 0 | ||||
| Key Code: | [Key code here] | Total SUM(AD13:AD15) | ||
| Instructions | 28 | |||
| Answers are entered in the cells with gray backgrounds. | Percentage =(AD16-AD13-AD14)/AD16 | |||
| Cells with non-gray backgrounds are protected and cannot be edited. | 0% | |||
| An asterisk (*) will appear to the right of an incorrect entry. The optional work sheet will not be graded, | Notes: | |||
| but is provided as an aid in determining amounts for the statement. | If number-entry box is blank (this would be an incorrect answer for N-boxes), error check returns two spaces, " " | |||
| If number-entry or blank-entry box is incorrect, returns "*" | ||||
| CROMME INC. | If number-entry or blank-entry box is correct, returns single space, " " | |||
| Statement of Cash Flows | Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct. | |||
| For the Year Ended December 31, 2016 | Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color. | |||
| Cash flows from operating activities: | ||||
| Net income | Cash | |||
| Adjustments to reconcile net income to net cash | Depreciation expense | |||
| flow from operating activities: | Fees earned | |||
| Depreciation | Insurance expense | |||
| Loss on inventory write down and fixed assets | Miscellaneous expense | |||
| Changes in current operating assets and liabilities: | Rent expense | |||
| Supplies expense | ||||
| Utilities expense | ||||
| Wages expense | ||||
| Net cash flow from operating activities | ||||
| Cash flows from investing activities: | ||||
| Net cash flow used for investing activities | ||||
| Cash flows from financing activities: | ||||
| Net cash flow from financing activities | ||||
| Increase in cash | ||||
| Cash at the beginning of the year | ||||
| Cash at the end of the year | ||||
| Optional: | ||||
| CROMME INC. | ||||
| Spreadsheet (Work Sheet) for Statement of Cash Flows | ||||
| For the Year Ended December 31, 2016 | ||||
| Balance, | Transactions | Balance, | ||
| Dec. 31, 2015 | Debit | Credit | Dec. 31, 2016 | |
| Cash | 585,920 |
Mark Sears: Enter identifying transaction letters in this column |
Mark Sears: Enter identifying transaction letters in this column | 625,760 |
| Accounts receivable (net) | 208,960 | 227,840 | ||
| Inventories | 617,120 | 641,760 | ||
| Investments | 240,000 | - | ||
| Land | - | 328,000 | ||
| Equipment | 553,120 | 705,120 | ||
| Accum. depr. - equipment | (148,000) | (166,400) | ||
| Accounts payable | (404,960) | (424,480) | ||
| Accrued expenses payable | (52,640) | (42,240) | ||
| Dividends payable | (19,200) | (24,000) | ||
| Common stock, $2 par | (100,000) | (150,000) | ||
| Paid-in capital in excess of par | (280,000) | (417,500) | ||
| Retained earnings | (1,200,320) | (1,303,860) | ||
| Totals | - | - | ||
| Operating activities: | ||||
| Net income | ||||
| Depreciation | ||||
| Gain on sale of investments | ||||
| Increase in accounts receivable | ||||
| Increase in inventories | ||||
| Increase in accounts payable | ||||
| Decrease in accrued expenses payable | ||||
| Investing activities: | ||||
| Purchase of equipment | ||||
| Purchase of land | ||||
| Sale of investments | ||||
| Financing activities: | ||||
| Declaration of cash dividends | ||||
| Sale of common stock | ||||
| Increase in dividends payable | ||||
| Net increase in cash | ||||
| Totals | ||||
Sol
| Problem 14(13)-1A | ||||||
| Name: | Solution | |||||
| Section: | ||||||
| Score: | ON | |||||
| Instructions | ||||||
| Answers are entered in the cells with gray backgrounds. | ||||||
| Cells with non-gray backgrounds are protected and cannot be edited. | ||||||
| An asterisk (*) will appear to the right of an incorrect entry. The optional work sheet will not be graded, | ||||||
| but is provided as an aid in determining amounts for the statement. | ||||||
| Depreciation expense - building | ||||||
| CROMME INC. | Depreciation expense - equipment | |||||
| Statement of Cash Flows | Insurance expense | |||||
| For the Year Ended December 31, 2016 | Miscellaneous expense | |||||
| Rent expense | ||||||
| Cash flows from operating activities: | Rent revenue | |||||
| Net income | $ 199,540 | Salary expense | ||||
| Adjustments to reconcile net income to net cash | ||||||
| flow from operating activities: | Service revenue | |||||
| Depreciation | 18,400 | Supplies expense | ||||
| Loss on inventory write down and fixed assets | Gain on sale of investments | (40,000) | Utilities Expense | |||
| Changes in current operating assets and liabilities: | Wages expense | |||||
| Increase in accounts receivable | (18,880) | |||||
| Increase in inventories | (24,640) | |||||
| Increase in accounts payable | 19,520 | |||||
| Decrease in accrued expenses payable | (10,400) | |||||
| Net cash flow from operating activities | $ 143,540 | |||||
| Cash flows from investing activities: | ||||||
| Cash received from sale of investments | $ 280,000 | |||||
| Less cash paid for purchase of land | (328,000) | |||||
| Less cash paid for purchase of equipment | (152,000) | |||||
| Net cash flow used for investing activities | (200,000) | |||||
| Cash flows from financing activities: | ||||||
| Cash received from sale of common stock | $ 187,500 | |||||
| Less cash paid for dividends | (91,200) | |||||
| Net cash flow from financing activities | 96,300 | |||||
| Increase in cash | $ 39,840 | |||||
| Cash at the beginning of the year | 585,920 | |||||
| Cash at the end of the year | $ 625,760 | |||||
| Optional: | ||||||
| CROMME INC. | ||||||
| Spreadsheet (Work Sheet) for Statement of Cash Flows | ||||||
| For the Year Ended December 31, 2016 | ||||||
| Balance, | Transactions | Balance, | ||||
| Dec. 31, 2015 | Debit | Credit | Dec. 31, 2016 | |||
| Cash | 585,920 | (m) Mark Sears: Enter identifying transaction letters in this column | 39,840 |
Mark Sears: Enter identifying transaction letters in this column | 625,760 | |
| Accounts receivable (net) | 208,960 | (l) | 18,880 | 227,840 | ||
| Inventories | 617,120 | (k) | 24,640 | 641,760 | ||
| Investments | 240,000 | (j) | 240,000 | - | ||
| Land | - | (i) | 328,000 | 328,000 | ||
| Equipment | 553,120 | (h) | 152,000 | 705,120 | ||
| Accum. depr. - equipment | (148,000) | (g) | 18,400 | (166,400) | ||
| Accounts payable | (404,960) | (f) | 19,520 | (424,480) | ||
| Accrued expenses payable | (52,640) | (e) | 10,400 | (42,240) | ||
| Dividends payable | (19,200) | (d) | 4,800 | (24,000) | ||
| Common stock, $2 par | (100,000) | (c) | 50,000 | (150,000) | ||
| Paid-in capital in excess of par | (280,000) | (c) | 137,500 | (417,500) | ||
| Retained earnings | (1,200,320) | (b) | 96,000 | (a) | 199,540 | (1,303,860) |
| Totals | - | 669,760 | 669,760 | - | ||
| Operating activities: | ||||||
| Net income | (a) | 199,540 | ||||
| Depreciation | (g) | 18,400 | ||||
| Gain on sale of investments | (j) | 40,000 | ||||
| Increase in accounts receivable | (l) | 18,880 | ||||
| Increase in inventories | (k) | 24,640 | ||||
| Increase in accounts payable | (f) | 19,520 | ||||
| Decrease in accrued expenses payable | (e) | 10,400 | ||||
| Investing activities: | ||||||
| Purchase of equipment | (h) | 152,000 | ||||
| Purchase of land | (i) | 328,000 | ||||
| Sale of investments | (j) | 280,000 | ||||
| Financing activities: | ||||||
| Declaration of cash dividends | (b) | 96,000 | ||||
| Sale of common stock | (c) | 187,500 | ||||
| Increase in dividends payable | (d) | 4,800 | ||||
| Net increase in cash | (m) | 39,840 | ||||
| Totals | 709,760 | 709,760 | ||||
