Create the statement of cash flows for tight flying co.

In this exercise, you will use the indirect method to create the statement of cash flows in Excel for Tight Flying Co. The following amounts relate to June of 2016. Net Income

Depreciation Expense

Accounts Receivable (beginning) Accounts Receivable (ending) Accounts Payable (beginning) Accounts Payable (ending)

$28,000 $2,000 $9,600

$13,200 $4,600 $9,300

Sale of Equipment Sale of Furniture

Notes Payable (beginning) Notes Payable (ending) Stacey Feinberg, Drawing Cash (beginning balance)

$1,700 $9,300

$15,800 $4,800

$20,000 $80,100

1. Open EA3-A1-StatementofCF from your Chapter 03 folder and save it as: EA3-A1-StatementofCF-[YourName]

2. Enter the data as described into the correct cells for the first section of the statement: In this row:

Cell A5

Cells A6 and C6 Cells A7 and C7 Cells A8 and C8 Cells A9 and C9 Cells A10 and D10

Enter the data for the: Header (no colon at end)

First item in this section and its associated amount Only expense item and its associated amount

First of the remaining two items and its associated amount Final item and its associated amount

Final description for (no colon) and a formula to summarize the items in the first section

Hint: Enter the items in rows 8–9 in the order they would appear in the balance sheet.

Complete the Second Section of the Statement of Cash Flows 3. Enter the data as described into the correct cells for the second section of the statement: In this row:

Cell A12

Cells A13 and C13 Cells A14 and C14 Cells A15 and D15

Enter the data for the: Header (no colon at end)

First item in this section and its associated amount Second item in this section and its associated amount

Final description for (no colon) and a formula to summarize the items in the second section

Hint: Enter items alphabetically in this section.

4. Enter the data as described into the correct cells for the third section of the statement: In this row:

Cell A17

Cells A18 and C18 Cells A19 and C19 Cells A20 and D20

Cells A22 and D22

Cells A23 and D23 Cells A24 and D24

Enter the data for the: Header (no colon at end)

Account name for the owner’s withdrawals and the associated amount Final item in this section and its associated amount

Final description for (no colon) and a formula to summarize the items in the first section of the statement

Appropriate description for the change in Cash and the associated amount

Name of the appropriate Cash balance and its appropriate amount Name of the appropriate Cash balance and its appropriate amount

5. Use Find and Replace to: • Replace Activities with Activities: (with a colon). • Replace all instances of the Accounting number format with the Accounting number format with zero decimal places.

6. Apply a bottom border to the cells for which it is appropriate and a top and double bottom border to the one cell that needs it.

7. Save and close your file.

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