prepare a statement of cash flows
Im studying for my Accounting class and dont understand how to answer this. Can you help me study?
Option #1: Operating Activities Analysis Exercises and Problems
Using the financial data below, prepare a statement of cash flows for the year ended December 31, 2014 for Summer Peebles, Inc. using the indirect method.
|
Sales |
$1,000.00 |
|
Cost of Goods Sold |
-$650.00 |
|
Depreciation Expense |
-$100.00 |
|
Sales and General Expense |
-$100.00 |
|
Interest Expense |
-$50.00 |
|
Income Tax Expense |
-$40.00 |
|
Net Income |
$60.00 |
|
Assets |
2013 |
2014 |
|
Cash |
$50.00 |
$60.00 |
|
Accounts Receivable, Net |
$500.00 |
$520.00 |
|
Inventory |
$750.00 |
$770.00 |
|
Current Assets |
$1,300.00 |
$1,350.00 |
|
Fixed Assets, Net |
$500.00 |
$550.00 |
|
Total Assets |
$1,800.00 |
$1,900.00 |
|
Liabilities and Equity |
||
|
Notes Payable to Banks |
$100.00 |
$75.00 |
|
Accounts Payable |
$590.00 |
$615.00 |
|
Interest Payable |
$10.00 |
$20.00 |
|
Current Liabilities |
$700.00 |
$710.00 |
|
Long-Term Debt |
$300.00 |
$350.00 |
|
Deferred Income Tax |
$300.00 |
$310.00 |
|
Capital Stock |
$400.00 |
$400.00 |
Your submission should:
- Include the Excel spreadsheet with computations.
