Accounting Forum/Excel
gymjunky
stice19_student_05-28.xlsx05-28
| 05-28 | Name: | ||||||||
| Enter the appropriate numbers/formulas in the blue-shaded cells. | |||||||||
| Enter amounts to be deducted as negative numbers. | |||||||||
| The word “Wrong” will appear to the left of incorrect entries. | |||||||||
| Computation of Effects of Adjustments | Income | Statement of | |||||||
| Statement | Adjustments | Cash Flows | |||||||
| Sales | $ 675,400 | ||||||||
| Cost of goods sold | (243,500) | ||||||||
| Depreciation expense | (51,000) | ||||||||
| Salaries expense | (124,600) | ||||||||
| Interest expense | (11,300) | ||||||||
| Income taxes expense | (44,000) | ||||||||
| Other expenses | (98,700) | ||||||||
| Net income | $ 102,300 | ||||||||
| (a) | Direct Method | ||||||||
| Operating activities: | |||||||||
| Cash collected from customers | |||||||||
| Cash paid for inventory | |||||||||
| Cash paid for salaries | |||||||||
| Cash paid for interest | |||||||||
| Cash paid for income taxes | |||||||||
| Cash paid for other expenses | |||||||||
| Net cash provided by operating activities | |||||||||
| (b) | Indirect Method | ||||||||
| Operating Activities: | |||||||||
| Net Income | |||||||||
| Add: | Depreciation | ||||||||
| Increase in Accounts payable | |||||||||
| Increase in income taxes payable | |||||||||
| Decrease in prepaid expenses | |||||||||
| Less: | Increase in accounts receivable | ||||||||
| Increase in inventory | |||||||||
| Decrease in interest payable | |||||||||
| Net cash provided by operating activities | |||||||||
Solution
| 05-28 | Name: | Solution | |||||||
| Enter the appropriate amounts/formulas in the blue-shaded cells. | |||||||||
| Enter amounts to be deducted as negative numbers. | |||||||||
| The word “Wrong” will appear to the left of incorrect answers. | |||||||||
| Computation of Effects of Adjustments | Income | Statement of | |||||||
| Statement | Adjustments | Cash Flows | |||||||
| Sales | $ 675,400 | (5,000) | $ 670,400 | ||||||
| Cost of goods sold | (243,500) | (5,800) | |||||||
| 1,300 | (248,000) | ||||||||
| Depreciation expense | (51,000) | 51,000 | - | ||||||
| Salaries expense | (124,600) | - | (124,600) | ||||||
| Interest expense | (11,300) | (400) | (11,700) | ||||||
| Income taxes expense | (44,000) | 1,800 | (42,200) | ||||||
| Other expenses | (98,700) | 1,100 | (97,600) | ||||||
| Net income | $ 102,300 | $ 146,300 | |||||||
| (a) | Direct Method | ||||||||
| Operating activities: | |||||||||
| Cash collected from customers | $ 670,400 | ||||||||
| Cash paid for inventory | $ (248,000) | ||||||||
| Cash paid for salaries | (124,600) | ||||||||
| Cash paid for interest | (11,700) | ||||||||
| Cash paid for income taxes | (42,200) | ||||||||
| Cash paid for other expenses | (97,600) | (524,100) | |||||||
| Net cash provided by operating activities | $ 146,300 | ||||||||
| (b) | Indirect Method | ||||||||
| Operating Activities: | |||||||||
| Net Income | $ 102,300 | ||||||||
| Add: | Depreciation | $ 51,000 | |||||||
| Increase in Accounts payable | 1,300 | ||||||||
| Increase in income taxes payable | 1,800 | ||||||||
| Decrease in prepaid expenses | 1,100 | ||||||||
| Less: | Increase in accounts receivable | (5,000) | |||||||
| Increase in inventory | (5,800) | ||||||||
| Decrease in interest payable | (400) | 44,000 | |||||||
| Net cash provided by operating activities | $ 146,300 | ||||||||
