Verify the answers in the attachment are correct, and help me write the 200-300 word statement for Question #3 at the end.Assignment Details:Complete the following exercise. Fill in the Excel spreadsheet provided via the link below to provide your answers to parts a and b. Then paste the Excel data into a Word document on which you can also write the answer to part c.
Carpet Company- Statement of Cash Flows (Direct Method) For Year Ending Dec. 31, 2010
h Flow from Direct Operating Activities
Cash flows from operating:
Cash received from customers:
Cash paid for merchandise:
Cash paid for wages/other operating expenses:
Cash paid for income taxes:
Net cash flow – operating activities: (Total)
Cash flows from investing:
Cash paid for equipment: _________
Net cash flow – operating activities: (Total)
————————————- +I15
Cash flows from financing:
Cash received from issuing stock: ________
Cash paid for Dividends: ________
Net cash flow financing activities:
———————————————— +I19+I20
Reconciliation Statement of Ca
Net
Cas
Cas
See: Next page for Carpet Company- Sta
Carpet Company- Statement of Cash Flows (Indirect Method) For Year Ending Dec. 31, 2010
Cash flows from operating:
Net income:________
The following are the adjustments
to reconcile net income to cash provided by operations.
Adjustment in accounts receivables: ________
Adjustment in merchandise inventory: ________
Adjustment in accounts payable: ________
Adjustment in income taxes payable: ________
Add back depreciation expense: ________
Net cash flow – operating activities: (Total)
———————- _______________
(Cash flow from Investing and from financing activities and reconciliation are the same under direct and indirect m
Cash flows from investing:
Cash paid for equipment: _________
Net cash flow – operating activities: (Total)
————————————- +I15
Cash flows from financing:
Cash received from issuing stock: ________
Cash paid for Dividends: ________
Net cash flow financing activities:
———————————————— +I19+I20
Reconciliation Statement of Ca
Net
Cas
Cas
For Indirect Method- Cash Flow Rules- These rules are based on comparison of a previous year’s balance sheet to
assets and liabilities line items from a previous year’s balance to a current year’s balance.
Cash Flow Rules are:
If Assets go up from the previous year to the current year, it is a use of cash (Company increased assets and decre
If Assets go down from the previous year to the current year, it is a source of cash (Company sold assets and incre
If Liabilities go up from the previous year to the current year, it is a source of cash (Company increased its cash flo
If Liabilities go down from the previous year to the current year, it is a use of cash (Company decreased cash flow
61000
-40000
-6300
-5200
9500
-3500
-3500
3000
-2500
500
iliation Statement of Cash Flows (Direct Method)- For Year Ending Dec. 31, 2010
Net increase in cash from 2009 to 2010: __________ 6500
4000
Cash balance at prior year (2009): __________
10500
Cash balance at current year-end (2010): __________
age for Carpet Company- Statement of Cash Flows (Indirect Method) For Year Ending Dec. 31, 2010
9000
1000
-3000
-1000
2000
1500
9500
under direct and indirect methods)
-3500
-3500
3000
-2500
500
iliation Statement of Cash Flows (Direct Method)- For Year Ending Dec. 31, 2010
Net increase in cash from 2009 to 2010: __________ 6500
4000
Cash balance at prior year (2009): __________
10500
Cash balance at current year-end (2010): __________
year’s balance sheet to a current balance sheet and apply to the
reased assets and decreased cash)
any sold assets and increased cash)
any increased its cash flow by using debt)
any decreased cash flow by paying debt)
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