Answers
I have completed both the sheets and filled up all the question marks you needed help with.
As a result the cash flow statement has been completed and reconciled to arrive at the closing cash and cash equivalents amounting to $5440. Hope the same helps.
| Byron Manufacturing | ||||||
| Spreadsheet to Prepare the Statement of Cash Flows | ||||||
| For the Year Ended December 31, 20Y8 | ||||||
| Beginning | Increase/Decrease | Ending | ||||
| Balance Sheet Accounts | Balance | Debit | Credit | Balance | ||
| Cash | 9050 | 0 | 3610 | (m) | 5440 | |
| Accounts receivable | 8,960 | (h) | 1,670 | — | 10,630 | |
| Inventory | 18,640 | (i) | 1,010 | — | 19,650 | |
| Building | 4,98,000 | — | — | 4,98,000 | ||
| Equipment | 2,72,100 | (b) | 7,900 | — | 2,80,000 | |
| Accumulated depreciation | 1,20,450 | — | 27,900 | (c) | 1,48,350 | |
| Accounts payable | 36,000 | — | 19,250 | (j) | 55,250 | |
| Salaries payable | 11,820 | (k) | 2,350 | — | 9,470 | |
| Income taxes payable | 9,840 | (l) | 8,650 | — | 1,190 | |
| Bonds payable | 3,97,000 | (e) | 90690 | 46690 | (d) | 3,53,000 |
| Common stock | 1,49,000 | — | 31,000 | (f) | 1,80,000 | |
| Retained earnings | 82,640 | (g) | 19050 | 2870 | (a) | 66,460 |
| Increase/Decrease in Cash | ||||||
| Statement of Cash Flows | Debit | Credit | ||||
| Cash flow from operating activities | ||||||
| Net income | (a) | 2870 | ||||
| Adjustments to reconcile net income | ||||||
| to net cash flow from operating activities | ||||||
| Depreciation expense | (c) | 27,900 | ||||
| Increase in accounts receivable | — | 1,670 | (h) | |||
| Increase in inventory | — | 1,010 | (i) | |||
| Increase in accounts payable | (j) | 19,250 | — | |||
| Decrease in salaries payable | — | 2,350 | (k) | |||
| Decrease in income taxes payable | — | 8,650 | (l) | |||
| Cash flows from investing activities | ||||||
| Purchase equipment | 7,900 | (b) | ||||
| Cash flows from financing activities | ||||||
| Issued bonds payable | (d) | 46690 | ||||
| Retired bonds payable | 90690 | (e) | ||||
| Issued common stock | (f) | 31,000 | ||||
| Paid dividend | 19050 | (g) | ||||
| Subtotal | ||||||
| Net increase (decrease) in cash | (m) | — | -3610 | |||
| Opening Cash and cash equivalents | 9050 | |||||
| Closing Cash and cash equivalents | 5440 |
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