Within This I have a file that is mostly Completed I am just unsure of how to accomplish the final worksheet the "Statement of Cash Flows" If I could receive help It would be appreciated. I know that I take the Net income then Adjust with Depreciation so in this case Accumulated depreciation building and furniture-warehouse and accumulated depreciation building and furniture-office but then after that I am lost
a. Within this workbook there is a workbook labeled "Worksheet". The unadjusted trial balance information, as well as the adjustment data, have already been entered into the worksheet. You need to complete the worksheet in its entirety.
b. After you've completed the worksheet from requirement "a" you need to create a Multi-Step Income Statement, Statement of Retained Earnings, Classified Balance Sheet and Statement of Cash Flows. These financial statements are being prepared for the fiscal month ending May 31st. Additional information folows:
-For the Statement of Retained Earnings, assume a beginning balance in the Retained Earnings account of $366,000. Also assume that $345,500 of dividends were declared.
-For the Classified Balance Sheet, assume that the company only has common stock and that the value of common stock at par value equals $30,200. Further assume that the value of paid-in-capital excess of par on the common stock has a value of $1,560,000.
-For the Statement of Cash Flow assume that the company purchased equipment with $200,000 cash. The company sold land and received $429,000 in cash. Also assume the following ending balances from the last financial period: Cash: $345,091; A/R: $525,000; Inventory: $836,000; Office Supplies: $5,000; A/P: $675,800. Additionally, the company paid cash dividends during the period of $345,500. Create the Statement of Cash Flow using the Indirect Method.
-There are blank workbook forms for each of your financial statements. Build your financial statements within these workbook spaces.