Question

I have already made the adjusting journal entries and have updated all the other revised financial statements using the quantitative information from the original financial statements. Now, I need help updating the Revised Statement of Cash flows for Year ended December 31, 2017 that is located at the very bottom using all the quantitative information from all the revised financial statements prior to the Revised Statement of Cash Flows for Year ended December 31, 2017.

A B C D E F G H j K 17 18 ITEMS TO COMPLETE FOR THIS MILESTONE (Blue Tabs): 19 20 GENERAL 21 You just began a position as a financial accountant at Peyton Approved. In this role, your first task is to prepare the company's financials for the year- end audit. Additionally, the company is interested in expanding its business within the next year. They would like your support in assessing their 22 ability to meet their goals. 23 TRIAL BALANCE 2017 TAB 24 25 26 27 Using the Peyton Approved financial data (see bottom of page): Create the necessary adjusting journal entries. Use the REF column to reference the entry to each event Complete the adjusted trial balance 28 29 30 REVISED FINANCIAL STATEMENTS 31 32 33 34 Using the preliminary financial statements (yellow tabs) and the Trial Balance 2017, prepare the following statements: Balance Sheet (BS 2017 Revised tab) Income Statement (IS 2017 Revised tab) Retained Earnings Statement (RE 2017 Revised tab) Statement of Cash Flows (CF 2017 Revised tab) 35 36

Answer 1

				Adjustments	Revised Valance		Notes
Net Income		175576.2		-275.02	175301.2		Decrease in profit
Add	Deprectaion	677.86	176254	0	677.86	175979
Changes in working capital
	Increase in Accounts receivable	-25886.9			-25886.9
	Increase in Banking supplies	-8187.84		-3000	-11187.8		Increase in supplies on adjustment
	Increase in Merchandise	-443.1		200	-243.1		Adjusment of consignment and merchandise inventory
	Increase in consignment inventory			-200	-200		Adjusment of consignment and merchandise inventory
	Increase in prepaid rent	-449.55			-449.55
	Increasein prepaid insurance	-1004.55			-1004.55
	Increase in Mis Supplies	-114.99			-114.99
	Increase in customer deposit			1000	1000		Increase in customer deposit
	Increase in accounts payable	3292.11		3175	6467.11		Increase in accounts payable on adjustment
	Increase in wages payable	1850.48			1850.48
	Increase in interest payable	44.96			44.96
	Increase in other receivable		-30899.4	-700	-700	-30424.4	Increase in other receivable on adjustment
Interest expense				818.31	818.31	818.31	transferred to cash flow from financing
Gain/loss on disposal of equipment				100	100	100	Effect transferred to cash flow from investing
Cash flow from operationg activities			145354.7			146473
Cashflow from investments
Equipment purchase		-6000			-6000
Insurance on destruction of equipment				700	700
Net Cash Flows from investing			-6000			-5300
Cash flow from Financinf
Repayment of note payable		-10000			-10000
Dividends paid		-105000			-105000
Interest expense				-818.31	-818.31
Net cash flows from financing			-115000			-115818
Net Cash Flow			24354.65			25354.65
Beginning Cash			43165.39			43165.39
Ending cash			67520.04			68520.04