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Apply Your Skills EA3-A1 Create the Statement of Cash Flows for Tight Flying Co. In this exercise, you will use the indirect method to create the statement of cash flows in Excel for Tight Flying Co. The following amounts relate to June of 2016. Net income $28,000 Sale of Equipment $1,700 Depreciation Expense $2,000 Sale of Furniture 59,300 Accounts Receivable beginning) 59,600 Notes Payable beginning) $15,800 Accounts Receivable (ending) $13,200 Notes Payable (ending) $4,800 Accounts Payable beginning) $4,600 Stacey Feinberg, Drawing $20,000 Accounts Payable (ending) $9,300 Cash (beginning balance) $80,100 1. Open EA3-A1-StatementofCF from your Chapter 03 folder and save it as: EA3-A1-StatementofCF-[YourName] 2. Enter the data as described into the correct cells for the first section of the statement: In this row. Cell AS Cells Ab and C6 cells A7 and C7 Cells A8 and C8 Cells A9 and C9 Cells A10 and 10 Enter the data for the Header (no colon at end) First item in this section and its associated amount Only expense item and its associated amount First of the remaining two items and its associated amount Final item and its associated amount Final description for (no colon) and a formula to summarize the items in the first section Hint: Enter the items in rows 8-9 in the order they would appear in the balance sheet. Complete the Second Section of the Statement of Cash Flows 3. Enter the data as described into the correct cells for the second section of the statement: In this row: Enter the data for the Cell A12 Header (no colon at end) Cells A13 and C13 F irst item in this section and its associated amount Cells A14 and C14 Second item in this section and its associated amount Cells A15 and 115 Final description for ino colon and a formula to summarize the items in the second section Hint: Enter items alphabetically in this section.

Answer 1

в с р u AwN- Statement of Cash flows 5 Cash flow from operating activities: 6 Net Income 7 Depreciation Expense 8 Increase in Accounts Receivable 9 Increase in Accounts Payable 10 Net Cash flow from Operating activities $ $ $ $ 28,000 2,000 (3,600) 4,700 $ 31,100 11 $ $ 1,700 9,300 $ 11,000 12 Cash flow from Investing Activities: 13 Sale of Equipment 14 Sale of Furniture 15 Net Cash flow from Investing Activities 16 17 Cash flow from Finanacing Activities: 18 Stacey Feinberg, Drawing 19 Decrease in Notes Payable 20 Net Cash flow from Financing Activities 21 22 Net Increase / Decrease in cash 23 Beginning Cash Balance 24 Ending Cash Balance $ $ (20,000) 11,000 $ 9,000) $ $ $ 33,100 80,100 113,200 25

28000 2000 =9600-13200 =9300-4600 Statement of Cash flows Cash flow from operating activities: 6 Net Income 7 Depreciation Expense 8 Increase in Accounts Receivable 9 Increase in Accounts Payable 10 Net Cash flow from Operating activities 11 12 Cash flow from Investing Activities: 13 Sale of Equipment 14 Sale of Furniture 15 Net Cash flow from Investing Activities =SUM(C6:09) 1700 9300 =SUM(C13:C14) -20000 =15800-4800 =SUM(C18:C19) 17 Cash flow from Finanacing Activities: 18 Stacey Feinberg, Drawing 19 Decrease in Notes Payable 20 Net Cash flow from Financing Activities 21 22 Net Increase / Decrease in cash 23 Beginning Cash Balance 24 Ending Cash Balance 25 =SUM(D6:D20) 80100 =SUM(D22:D23)

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