Instruction: Only prepare the

Author:

January 18th, 2023

Instruction:

Only prepare the statement of

Cash flows for the year ending 12/31/2018

The trial balances for the beginning of the year and End of theyear, as well as

Additional information, are provided below.

The name of the company is: Rockford Plumbing Supply,Inc.

Final (Ending) Trial Balance – 12/31/2018

Account

Name

Debit

Credit

101

Cash

431,794

105

Petty Cash

150

112

Accounts Receivable

464,550

113

Allowance for Doubtful Accounts

40,178

115

Notes Receivable

120

Inventory

569,671

126

Supplies

3,680

130

Prepaid Insurance

11,020

131

Prepaid Rent

25,410

135

Other Assets

145,000

140

Land

43,000

145

Buildings

306,000

146

Accum. Depr. Buildings

78,040

151

Equipment

63,900

152

Accum. Depr. Equipment

21,200

163

Trucks

60,400

164

Accum. Depr. Trucks

41,540

200

Bank Line of Credit

15,000

201

Accounts Payable

357,600

214

FICA Taxes Payable

1,530

215

Income Taxes Payable

125,000

216

Federal Withholding Taxes Payable

1,967

218

State Withholding Taxes Payable

2,901

224

FUTA Taxes Payable

400

226

SUTA Taxes Payable

2,600

230

Interest Payable

23,261

268

Dividends Payable

270

Notes Payable

417,606

273

Bonds Payable

275,000

311

Discount on Bonds Payable

6,400

317

Common Stock

189,000

320

Paid-in Capital in Excess of Stated Value

256,400

330

Retained Earnings

362,748

332

Treasury Stock

401

Dividends

50,000

412

Sales Revenue

5,433,396

414

Sales Returns and Allowances

14,060

505

Sales Discounts

115,459

610

Cost of Goods Sold

3,995,710

612

Advertising Expense

7,178

631

Bad Debt Expense

1,120

644

Supplies Expense

1,540

711

Freight-out

18,542

726

Depreciation Expense

23,000

730

Salaries and Wages Expense

943,752

732

Payroll Tax Expense

83,681

820

Utilities Expense

16,669

905

Interest Revenue

3,150

921

Interest Expense

47,831

999

Loss on Disposal of Plant Assets

2,000

Income Tax Expense

197,000

Total

7,648,517

Additional information: A truck was sold for cash proceed of $8,000

The increase in equipment was due to purchase of equipment.

The decrease in debt is due to re-payments.

The portion of the notes and Bonds payable that will become duenext year is $ 10,000.

Beginning Trial Balance – post closing12/31/2017
Account	Name	Debit	Credit
101	Cash	279,930
105	Petty Cash	150
112	Accounts Receivable	317,420
113	Allowance for Doubtful Accounts		4,580
115	Notes Receivable	–
120	Inventory	531,960
126	Supplies	2,320
130	Prepaid Insurance	11,020
131	Prepaid Rent	25,410
135	Other Assets	145,000
140	Land	43,000
145	Buildings	306,000
146	Accum. Depr. Buildings		73,040
151	Equipment	32,800
152	Accum. Depr. Equipment		13,200
163	Trucks	78,400
164	Accum. Depr. Trucks		39,540
200	Bank Line of Credit		–
201	Accounts Payable		126,850
212	FICA Taxes Payable		1,787
214	Income taxes payable		–
215	Federal Withholding Taxes Payable		9,573
216	State Withholding Taxes Payable		2,486
218	FUTA Taxes Payable		400
224	SUTA Taxes Payable		2,600
226	Interest Payable		–
230	Dividends Payable		–
250	Notes Payable		422,606
268	Bonds Payable		275,000
270	Discount on Bonds Payable	6,400
273	Common Stock		189,000
311	Paid-in Capital in Excess of Stated Value		256,400
317	Retained Earnings		362,748
320	Treasury Stock	–

	Total	1,779,810	1,779,810

Answer:

Rockford PlumbingSupply, Inc.
Statement of Cash Flows(Indirect Method)
For the Year ended Dec 31,2018

Cash Flow from opearating activities:
Net Income (Loss)		(30,996)
Add/(Less) non cash effects on operatingactivities
Depreciation expense	23,000
Loss on Disposal of Plant Assets	2000
Increase in Accounts Receivables	(111,532)
Increase in Inventory	(37,711)
Increase in Supplies	(1,360)
Increase in Accounts Payables	230,750
Decrease in FICA Tax Payable	(257)
Increase in Income Tax Payable	125,000
Decrease in Federal Withholding TaxesPayable	(7,606)
Incerase in State Withholding TaxesPayable	415
Increase in Interest Payable	23,261	245,960
Net Cash provided by operatingactivities		214,964
Cash flow from Investing Activities
Purchase of Equipment	(31,100)
Sale of Truck	8,000
Net Cash used by Investing activities		(23,100)
Cash Flow from Financing Activities
Proceeds from of Bank Line credits	15,000
Payment on Notes Payable	(5,000)
Dividend Paid	(50,000)
Net Cash used by Financing activities		(40,000)
Net Increase / (Decrease) in Cash		151,864
Cash & Cash Equivalents at thebeginning – Dec 31, 2017		280,080
Cash & Cash Equivalents at thebeginning – Dec 31, 2018		431,944

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