Preparing a Statement of Cash Flows using the Indirect Method using Excel's SUM Function and Multi- tab References Innov

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Preparing A Statement Of Cash Flows Using The Indirect Method Using Excel S Sum Function And Multi Tab References Innov 1 (53.04 KiB) Viewed 45 times

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Preparing a Statement of Cash Flows using the Indirect Method using Excel's SUM Function and Multi- tab References Innovation Electronics, Inc. has provided you with the year end Income Statement Balance Sheet. The Controller has asked you to prepare the Statement of Cash Flows for the same year ended December 31. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. • Multi-Tab Cell Reference: Allows you to refer to data from another cell in a separate tab in the worksheet. When using the multi-tab cell reference, type the equal sign first, then click on the other tab and then click on the cell you want to reference. The syntax of a multi-tab cell reference looks different than a normal cell reference, since it includes the tab name surrounded by apostrophes and also an exclamation point before the cell location. From the Excel Simulation below, if in a blank cell on the Sheet1 tab "-Income Statement"IB15" was entered, the formula would output the result from cell B15 in the Balance Sheet tab, or 16,000 in this example. • Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add). - (minus sign to subtract), " (asterisk sign to multiply), and/ (forward slash to divide). From the Excel Simulation below on the Balance Sheet tab, if in a blank cell" C15+C16" was entered, the formula would add the values from those cells and output the result, or 375,000 in this example. If using the other math symbols the result would output an appropriate answer for its function. SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below on the Balance Sheet tab, if in a blank cell "-SUM(C10,C11,C12) was entered, the formula would output the result of adding those three separate cells, or 236,740 in this example. Similarly, if in a blank cell SUM(C10:C12) was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 236,740 in this example.
B. Prepare a statement of cash flows using DATA REVIEW FORMULAS VIEW FILE HOME INSERT PAGE LAYOUT -11 A A % Paste ▾ A Alignment Number Conditional Format as Cell Formatting Table Styles P Styles Clipboard Al ✓ f Required: B D A с E 1 Required: 2 Complete the statement of cash flows (indirect method) shown below by using formulas that reference 3 data from the income statement and balance sheet (found by clicking the tabs at the bottom of this 4 worksheet. Note: Blank cells may be included in calculations. 5 INNOVATION ELECTRONICS, INC. Statement of Cash Flows i 8 For the Year Ended December 31, 20X2 9 Cash Flows from Operating Activities: 10 Net income 11 Adjustments to reconcile net income to net cash 12 provided by operating activities: 13 Depreciation expense 14 Gain (on sale of land) 15 Changes in current assets and current liabilities: 16 Accounts receivable. 17 Inventory 18 Prepaid insurance 19 Accounts payable 20 Interest payable 21 Income tax payable 22 Net cash provided by (used in) operating activities 23 24 Cash Flows from Investing Activities: READY Attempt(e) 6 7 * Calibri BIU- Font + Income Statement Balance Sheet Cash Flow E Sign In M Cells Editing E 9 < F 4 100%
23 24 Cash Flows from Investing Activities: 25 Purchase investments 26 Sale of land 27 Net cash provided by (used in) investing activities 28 29 Cash Flows from Financing Activities: 30 Issue common stock. 31 Issue long term note 32 Net cash provided by (used in) financing activities 33 Net increase (decrease) in cash 34 Cash at beginning of the period 35 Cash at end of the period 36 37 38 39 40 41 42 READY *** Income Statement Balance Sheet Cash Flow *** + 100%
2. Prepare a statement of cash flows using the indirect meth FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW ✔Ruler ✔Formula Bar ✔Gridlines Normal Page Break Page Custom Preview Layout Views Headings Zoom 100 % Zoom to v Selection Workbook Views Show Zoom Al E fx Note: To complete the assignment, go to the B C D E 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows. 3 4 INNOVATION ELECTRONICS, INC. Income Statement 5 6 For the Year Ended December 31, 20X2 $ 2,430,000 6,500 2,436,500 $ 1,565,000 598,000 16,000 17,000 63,000 2,259,000 177,500 7 8 10 11 12 13 14 15 16 17 122722 18 19 20 Net sales Gain on sale of land Total revenues Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses 23 Expenses: Net income $
2. Prepare a statement of cash flows using the indirect method - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW ✔ Ruler ✔Formula Bar Normal Page Break Page Custom Gridlines Headings Zoom 100 % Zoom to Window M Selection Preview Layout Views Workbook Views Show Zoom M Al 1 f Note: To complete the assignment, go to the workshe A B C D 1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow and complete the statement of cash flows. 2 3 Note: Additional information is included at the bottom of the statement. INNOVATION ELECTRONICS, INC. 4 Balance Sheet At December 31 20X2 20X1 7 8 Assets 9 Current assets: 10 Cash 11 Accounts receivable 12 Inventory 13 Prepaid insurance 14 Long-term assets: 15 Investments 16 5 6 0123 Land Equipment Accumulated depreciation Total assets. 23 Liabilities and Stockholders' Equity 24 Current liabilities: 25 Accounts payable *** 2189872273 20 READY $ $ $ Income Statement Balance Sheet 184,420 S 68,700 134,500 2,980 211,000 208,500 203,000 (117,500) 895,600 $ 26,500 $ Cash Flow 25,740 83,000 128,000 4,560 120,000 255,000 203,000 (101,500) 717,800 81,000 100]
Prepare a statement of cash flows using the indirect method - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW ✔ Ruler ✔Formula Bar a Normal Page Break Page Custom Preview Layout Views Gridlines ✔ Headings Zoom 100% Zoom to Window Macrc Selection Workbook Views Show Zoom Macro B X fx Note: To complete the assignment, go to the worksheet ta A B D 22 23 Liabilities and Stockholders' Equity 24 Current liabilities: 25 Accounts payable 26,500 $ 81,000 26 Interest payable 3,400 2,300 27 Income tax payable 30,200 32,500 28 Long-term liabilities: Notes payable 29 255,000 242,000 30 Stockholders' equity: 31 Common stock 273,000 230,000 32 Retained earnings 307,500 130,000 33 34 Total liabilities and stockholders' equity $ 895,600 $ 717,800 35 36 Additional Information for 20X2: 37 1. Assume that all increases and decreases in long term assets, long term liabilities, 38 and common stock are a result of cash transactions. 39 2. Land costing $46,500 was sold, resulting in a gain of $6,500. No other 40 long-term assets were sold. 41 3. Additional long-term investments were purchased. 42 4. An additional long-term note payable was signed. No repayments on 43 notes were made. 44 5. Additional common stock was issued. 45 46 2 5.ल Al $