Question

Excel File Edit View Insert Format Tools Data Window Help AutoSave Template-ACC 213 Lab 10 for Chapter 12 pre Home Insert Draw Page Layout Formulas Review Data View Conditional Formatting Arial A A 10 General Format as Table Paste B I U Aw +8 Cell Cell Styles f G104 A. E F 1 Lab #10-Chapter 12 Satement of Cash Flows Name 3 Instructions 1, Calouate the yearoveryear dferenoe in column D, then whether the change was an "norease" or "deoreaseee Cash exanple) 2. Using the indirect Method for Operating Activites, complete the Statement of Cash Flows at the boton of the fie 7 Additonal Deta: 8 Assume all transactions ae for cash unless otherwise noted 9 Equipment in PPE is sold for $8200 cash. No purchases of PPE are made 10 Cost of equipment sold: 11 Accumulated depreciation on equipment sold 12 Dvidends declared and paid in cunent year 10,000 5,000 8300 13 14 Balance Sheets as of Dec. 31st Current Previous Dierence Increase or Income statement Current Year 15 Year Year Decrease? 16 Assets 17 Current Assets 18 Cashr 19 Accounts Receivable 20 Inteest Recevable 21 Merchandise Inventory Sales Revenue Cost of goods soid Gress Margin 270,000 145,000 36,000 23,000 100 50,000 4.000 inoease 125,000 38,000 Operating expenses Salates expense Rent expense Insurance experse Depeciation expense Total exgenses Income from operations Other revenuelexpense Plus Gain on sale of Equipment PPE Plus nterest venue Less Inteest expense Total Net Income 5,000 48,000 11.000 T8,000 22 Prepaid Rent 12,000 165,000 14,000 6.200 Total current assets 23 118,500 20.000 25 Long-term Assets 26 Notes Receivable (nontrade) 27 Property, Plant & Equipment (PPE) 28 Less: Accumulated Depreciation 29 Total long-term assets 118,2001 6.800 7,500 100,000 (20,000) 90,000 (05,000) 55,000 3.200 87,500 200 600 2.800 9,800 Total Assets 220,000 205,600 32 33 Liabilities and Shareholder's Equity 34 Curent Liabilities 35 Accounts Payable merchandise suppliers 18,000 20,000 Sheet 26 MacBook D F3 F4 & % lil 1

Answer 1

Answer is given below

Good Student Company Previous Current Year Year Difference Increase or Decrease? $50,000 $38,000 Assets Current Assets Cash Accounts Receivable Interest Receivable Merchandise Inventory Prepaid Rent Total Current Assets $36,000 $23,000 $100 $48,000 $11,000 $118,100 $14,000 Increase $15,000 Increase $100 Decrease $17,000 Increase $1,000 Increase $46,900 Increase $65,000 $12,000 $165,000 so Long term assets Notes receivable Property, Plant and Equipment (PPE) Less: Accumulated Depreciation Total Long term assets $90,000 -$35,000 $55,000 $7,500 $100,000 -$20,000 $87,500 $7,500 Decrease -$10,000 Decrease $15,000 Increase $32,500 Decrease Total Assets $220,000 $205,600 $14,400 Increase Liabilities and Shareholders' Equity Accounts payable Salaries payable Unearned Revenue Interest payable Total Current Liabilities $20,000 $5,800 $8,100 $600 $34,500 $18,000 $2,100 $12,500 $200 $32,800 $2,000 Increase $3,700 Increase $4,400 Decrease $400 Increase $1,700 Increase Long-term liabilities Notes payable (due in 5 years) Bonds payable (due in 10 years) Total Long-term liabilities Total Liabilities $3,700 $5,500 $9,200 $43,700 $21,300 $0 $21,300 $54,100 $17,600 Decrease $5,500 Increase $12,100 Decrease $10,400 Decrease Shareholders Equity Common Stock $10 par Additional paid in Capital Retained Earnings $64,500 $100,000 $11,800 $176,300 $220,000 $50,000 $90,000 $11,500 $151,500 $205,600 $14,500 Increase $10,000 Increase $300 Increase $24,800 Increase $14,400 Increase Total Liabilities and Shareholders Equity $9,600 $20,000 $3,200 $600 $200 Good Student Company Statement of Cash Flows (Indirect Method) December 31, 20XX Operating Activities Net Income Depreciation Expense Gain on Sale of Equipment Interest expense Interest revenue Changes in Working Capital Increase in Accounts Receivable Increase in Inventory Increase in Prepaid rent Increase in Accounts Payable Increase in Salaries payable Decrease in Unearned revenue Interest paid Net Cash from Operating Activities -$15,000 -$17,000 -$1,000 $2,000 $3,700 -$4,400 -$200 -$5,100 Investing Activities Sale of Equipment Interest received Net Cash Flow from Investing Activities $8,200 $300 $8,500B Financing Activities Repayment of Notes payable Bonds raised during the year Notes receivable received during the year Issued Common Stock Dividend paid Net Cash flow from Financing Activities Net Change in Cash flow Opening balance of Cash Closing balance of Cash $17,600 $5,500 $7,500 $24,500 -$9,300 $10,600C $14,000 A + B +C $36,000 $50,000