For this Assignment 7, you will need to create a Statement of Cash Flows. To create this financial statement, you should use the transaction ledger that was completed in Assignment 5 (key previously posted on GoogleDrive under Assignments). Make sure to download a key from the “Extra Docs” tab on BB. You will first need to indicate if each transaction would fall into the operating (“O”), financing (“F”), or investing (“I”) section of the Statement of Cash Flows. If this is not applicable to the transaction, mark the transaction with an “X”. Then, make sure to label and classify accounts and amounts correctly on the statement. You should make sure to list subtotals for each section of the statement, the change in cash, in addition to the beginning and ending cash balance. This assignment is worth a total of 16 points with the classification being worth 3 points and the statement itself being worth 12 points. Assignment 5
Name
For this assignment, you will need to record the transactions for a firm in the basic
accounting equation (A = L + E). Make sure to label each account accurately, record the
amount of the transaction (with the appropriate positive/negative sign), and place each
transaction in the appropriate blank. This assignment is worth a total of 25 points with
each transaction being worth 2 points. One point will be rewarded for following
instructions correctly.
To complete this assignment, you will need to fill out a transaction ledger. This was
passed out in class and is also available to download on GoogleDrive. This assignment
must be handwritten (or tablet stylus written). If you will not be in class to turn in your
assignment, make sure to submit it early (slide under my office door is fine) or send it
with a trusted classmate.
This is due at the beginning of class on the due date (Thur, Sept 28th). Any late assignments will be
accepted at my discretion depending on the degree of lateness. Failure to follow submission
guidelines will result in points lost. Typing the assignment will result in a 0/25.
Make sure to follower all directions. This assignment is worth a total of 25 points. The following point
deductions will be applied:
Account Naming Error
-1
Account # Error
-1
Submission Error
-1
Accepted Late
-5
Assignment 5
Name
1. You started your company with $80,000 that you raised by selling stock in Practice
Makes Perfect Inc. to your family and friends.
2. You purchased five pianos for $18,000 each, paying cash. You believe these pianos
will last three years before you replace them. You expect the salvage value to be zero.
3. Knowing that you would need additional funds, you presented your business plan to
the bank and were able to get a $200,000 loan at 12%.
4. You spent $1,000 on supplies (inventory), which you charged on account.
5. The newspaper bills you $800 for the advertisement you ran. You plan on paying the
bill next month.
6. The first month you bill students $4,000 for lessons.
7. Rent for the space you have leased is $2,000 a month, which you paid.
8. You pay your two part-time piano teachers $500 each at the end of the month.
9. One of your students paid the $200 invoice you sent earlier in the month.
10. You adjust the supplies (inventory) account for $300 of sheet music that you gave to
students.
11. You write the check for the interest owed for the month.
12. You record one month of depreciation on the pianos.
Assignment 5
ü/û
Name
#
1
2
3
4
A
cash
PPE
=
7
8
9
10
11
12
L
+
E
8Eur 80k
son
90K
cash 90k
cash 200k NIP 200k
inventory 2k A P
5
6
Spring
2024
2K
accrual 800 expenses
AIR
6K
lessmetak
cash
4K
Exp
4K
cash
1K
we
1K
AIR
200
cash 200
inv 300
COGS 300
cash
2K
intpensek
2p
2.5K
Erp 2.5K
interest
200K
dep exp
90K 36
2K
12
2,500
Assignment 7
Name
For this assignment, you will need to create a Statement of Cash Flows. To create this
financial statement, you should use the transaction ledger that was completed in
Assignment 5 (key previously posted on GoogleDrive under Assignments). Make sure to
download a key from the “Extra Docs” tab on BB. You will first need to indicate if each
transaction would fall into the operating (“O”), financing (“F”), or investing (“I”) section
of the Statement of Cash Flows. If this is not applicable to the transaction, mark the
transaction with an “X”. Then, make sure to label and classify accounts and amounts
correctly on the statement. You should make sure to list subtotals for each section of the
statement, the change in cash, in addition to the beginning and ending cash balance. This
assignment is worth a total of 16 points with the classification being worth 3 points and
the statement itself being worth 12 points. One point will be rewarded for following
instructions correctly.
To complete this assignment, you will need to fill out a statement of cash flows. This was
passed out in class and is also available to download on Canvas. This assignment must be
handwritten (or tablet stylus written). If you will not be in class to turn in your
assignment, make sure to submit it early (slide under my office door is fine) or send it
with a trusted classmate.
This is due at the beginning of class on the due date. Any late assignments will be accepted at my
discretion depending on the degree of lateness. Failure to follow submission guidelines will result in
points lost. Typing the assignment will result in a 0/16.
Make sure to follower all directions. This assignment is worth a total of 16 points. The following point
deductions will be applied:
Classification Error
-1
Account # Error
-1
Submission Error
-1
Accepted Late
-5
Assignment 7
•
•
Name
Indicate if each transaction (Assignment 5 Key) would fall into the operating (“O”),
financing (“F”), or investing (“I”) section of the Statement of Cash Flows. If this is not
applicable to the transaction, mark the transaction with an “X”.
1. _______
4. _______
7. _______
10. _______
2. _______
5. _______
8. _______
11. _______
3. _______
6. _______
9. _______
12. _______
Complete the Statement of Cash Flows below (using the Assignment 5 Key).
Cash flow from operating activities
Net cash flow from operating activities
Cash flow from investing activities
Net cash flow from investing activities
Cash flow from financing activities
Net cash flow from financing activities
Net cash change
Beginning cash
Ending cash
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