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JAMES ISLAND CLOTHING COMPANY Adjusted Trial Balance 12/31/18 Account Title Balance Debit Credit Cash $          95,700...

JAMES ISLAND CLOTHING COMPANY
Adjusted Trial Balance
12/31/18
Account Title Balance
Debit Credit
Cash $          95,700
Accounts Receivable              12,000
Inventory                 4,400
Office Equipment              26,000
Truck              18,000
Accumulated Depreciation—Plant Assets $            6,000
Accounts Payable                 5,500
Note Payable—Short Term              10,000
Note Payable—Long Term              33,000
Common Stock            100,000
Retained Earnings
Dividends                 1,000
Sales Revenue              15,000
Cost of Goods Sold                 3,600
Rent Expense                 2,000
Advertising Expense                    800
Depreciation Expense                 6,000
$        169,500 $        169,500
Transaction data for 2018
Cash paid for purchase of office equipment $            6,000
Cash paid for purchase of truck                 5,000
Acquisition of plant assets with a long-term notes payable              33,000
Cash payment of dividends                 1,000
Cash receipt from issuance of common stock            100,000

REQUIREMENTS: 1) Complete the worksheet for the James Island Clothing Company, filling in the Transaction Analysis columns. 2) Prepare the James Island Clothing Company statement of cash flows for the year ended December 31, 2018. Use the indirect method.

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Expert Solution

ekkarill92 answered 2 months ago
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