I need assistance with formatting the statement of cashflows indirect method using the worksheet method....
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Accounting
I need assistance with formatting the statement of cashflows indirect method using the worksheet method. I have included the financial statement below as well as the worksheet that I started myself.
Statements:
My own worksheet:
ra w Comparative Balance Sheet As of December 31, 2020 and 2019 2020 2019 Cash $1,800 Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) 1,750 1,600 1,900 (1,200) 1,300 $7,150 $1,200 $1,150 1,300 1,900 1,700 (1,170) 1,420 $6,300 $ 900 250 1,550 1,700 1,900 $6,300 200 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 1,400 1,900 2,450 $7,150 Pat Metheny Company Income Statement For the Year Ended December 31, 2020 Sales revenue $6,900 Cost of goods sold _4,700 Gross margin 2,200 Selling and administrative expense 930 Income from operations 1,270 Other revenues and gains Gain on sale of investments 80 Income before tax 1,350 Income tax expense 540 Net income 810 Cash dividends 260 Income retained in business $ 550 Balance 12/31/19 Reconciling Items-2020 Debits Credits Balance 12/31/20 $ 1,150.00 $ 1,300.00 $ 1,900.00 $ 1,420.00 $ 1,700.00 $ 7,470.00 $ 1,800.00 $ 1,750.00 $ 1,600.00 $ 1,300.00 $ 1,900.00 $ 8,350.00 Debits Cash Accounts receivable (net) Inventory Long-term investments 1 Plant Assets 2 Total debits: B Credits Accumulated depreciation 5 Accounts payable 5 Accrued liabilities - Bonds payable 3 Common Stock Retained Earnings Total Credits $ 1,170.00 $ 900.00 $ 250.00 $ 1,550.00 $ 1,700.00 $ 1,900.00 $ 7,470.00 $ 1,200.00 $ 1,200.00 $ 200.00 $ 1,400.00 $ 1,900.00 $ 2,450.00 $ 8,350.00 Statement of Cashflows Effects Operating activities 3 Net income Adjustments 5 Depreciation Expense 5 Gain on Sale of Investments - Increase in Accounts Receivable 3 Decrease in Inventory Increase in Accounts Payable Decrease in Accrued Liabilities 1 Investing activities 2 Purchase of Plant Assets Sale of Long-Term Investments Financing activities 5 Cash Dividends Paid 5 Issue of Common Stock - Repayment of Bonds Payable 3 Totals Increase (decrease) I cash Totals
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