You will have three sheets. All numbers after the given sheet must be formulas and may not be hard coded. Sheet 1 name is XXXXX XXXXX XXXXX All of this information below will be in the given: All Sales Are On Credit Fixed Assets Costing $5,000 With A Book Value Of $2,000 Were Sold For $4,000 Three-Year Insurance Policy Was Purchased In 2011 Long-Term Investments Costing $5,000 Were Used To Retire $5,000 Of Bonds Outstanding Other Expenses And Losses Consist Of $1,000 Interest Paid Comparative Balance Sheets For 2011 And 2012 Are As Follows All Accounts Payable is for Inventory All Dividends are declared and paid THOMSEN INC BALANCE SHEET December 31, 2012 2012 2011 Cash $9,000 $8,000 Treasury Bills 4,000 3,000 Accounts Receivable 4,000 5,000 Inventory 1,000 2,000 Prepaid Insurance 2,000 3,000 Long-Term Investment In ABC Co. 17,000 22,000 Fixed Assets 22,000 17,000 Accumulated Depreciation (5,000) (4,000) Total Assets $54,000 $56,000 Accounts Payable $4,000 $7,000 Income Tax Payable 3,000 1,000 Deferred Tax Liability 5,000 3,000 Bonds Payable 5,000 10,000 Common Stock 20,000 20,000 Retained Earnings 17,000 15,000 Total Liabilities and Stockholder's Equity $54,000 $56,000 THOMSEN INC INCOME STATEMENT FOR YEAR ENDED DECEMBER 31, 2012 Net Sales $50,000 Cost Of Goods Sold (20,000) Gross Profit 30,000 Operating Expenses (17,000) Income Form Operations 13,000 Other Revenue And Gains 2,000 Other Expenses And Losses (1,000) Income Before Taxes 14,000 Income Tax Expense $5,000 Current Portion 2,000 Deferred Portion 7,000 Net Income $7,000 Sheets 2 and 3 are to be named Indirect Method and Direct Method. All numbers in this sheet are to be formulas. All dates are to be concatenate formulas. For Indirect Method sheet in good accounting format create a Cash Flows Statement based on the indirect method. For Direct Method sheet in good accounting format create a Cash Flows Statement based on the indirect method.
is there any way you could upload this problem either by scanning it in or attaching a word file? You can use mediafire or keepandshare to upload.
http://www.mediafire.com/?2kycav89chg2xmdIs this okay?
It is due tonight by 12:00 AM. Everything after the given sheet must be a formula and may not be hard coded. PLEASE help!
I'll see what I can do - i'm sure I can complete it by the deadline, though.
Awesome! Thank you so much!
Okay. Thanks again for the opportunity. You don't need to respond, as in doing so I must reply to your inquiry before continuing work on the question.
Could you tell me what school/course this is for? (for my own personal research purposes)Thanks!
The course is called "Advanced Accounting Issues". It is an online course.
Yes, but likeACCT 582 or something like that would help me more online, like Phoenix, Everest, etc
Okay...well, school, or you don't want to provide that information? It just makes it easier for me if I can find a guide somewhere
Westmoreland Community College
Okay. Why are all the numbers supposed to be formulas? That's what's got me confused. I could whip this out if some could be hard coded. Also, the concatenate function for dates? I've never seen that I know what concatenate is used for, but I don't see how it applies to this.
All numbers after the given sheet are supposed to be formulas. You can skip over the concatenate formulas if you're unsure about them. I know how to do them.
Yes - working on the direct method now.You will need to rename the tabs accordingly - I am running Excel on my Mac and I can't figure out how to do the equivalent of the left click on the touch pad. However, that's a relatively small detail.
Alright, no big deal.
Here you gohttp://www.keepandshare.com/doc/view.php?id=4191244&da=y
Master's degree holder who loves to help you understand your MC homework problems
Thanks for the speedy rating! I truly appreciate it. In the future, you can request me directly by stating "To MyVirtualCPA" in your title line. It will get added to my queue. I am an accountant, so accounting and finance homework are my specialties. I'm glad I could help you, given the short turnaround. It was a fun problem, though. I hadn't done a direct cash flow in a while. Thanks again!
Thank you so much for the help. I definitely will request you!
Thanks so much!