Pr 1413: Incorrect N Box And B Box Entries

Pr 1413 1aproblem 1413 1a Incorrect N Box And B Box Entries Co

Pr. A Problem A # Incorrect N-box and B-box entries COUNTIF(B15:G24,"~") Name: 0 Section: # N-box Incorrects due to blanks COUNTIF(B15:AT24," ") 28 Score: 0% # N-box +B-box corrects COUNTIF(B15:AT24," ") 0 Key Code: [Key code here] Total SUM(AD13:AD15) Instructions 28 Answers are entered in the cells with gray backgrounds. Percentage =(AD16-AD13-AD14)/AD16 Cells with non-gray backgrounds are protected and cannot be edited. 0% An asterisk () will appear to the right of an incorrect entry. The optional work sheet will not be graded, Notes: but is provided as an aid in determining amounts for the statement.

If number-entry box is blank (this would be an incorrect answer for N-boxes), error check returns two spaces, " " If number-entry or blank-entry box is incorrect, returns "" CROMME INC. If number-entry or blank-entry box is correct, returns single space, " " Statement of Cash Flows Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct. For the Year Ended December 31, 2016 Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~", then font = red, if something else, then font = background color. Cash flows from operating activities: Net income Cash Adjustments to reconcile net income to net cash Depreciation expense flow from operating activities: Fees earned Depreciation Insurance expense Loss on inventory write down and fixed assets Miscellaneous expense Changes in current operating assets and liabilities: Rent expense Supplies expense Utilities expense Wages expense Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Net cash flow from financing activities Increase in cash Cash at the beginning of the year Cash at the end of the year Optional: CROMME INC.

Spreadsheet (Work Sheet) for Statement of Cash Flows For the Year Ended December 31, 2016 Balance, Transactions Balance, Dec. 31, 2015 Debit Credit Dec. 31, 2016 Cash 585,920 Mark Sears: Enter identifying transaction letters in this column Mark Sears: Enter identifying transaction letters in this column 625,760 Accounts receivable (net) 208,,840 Inventories 617,,760 Investments 240,000 - Land - 328,000 Equipment 553,,120 Accum. depr. - equipment (148,,400) Accounts payable (404,,480) Accrued expenses payable (52,,240) Dividends payable (19,,000) Common stock, $2 par (100,,000) Paid-in capital in excess of par (280,,500) Retained earnings (1,200,,303,860) Totals - - Operating activities: Net income Depreciation Gain on sale of investments Increase in accounts receivable Increase in inventories Increase in accounts payable Decrease in accrued expenses payable Investing activities: Purchase of equipment Purchase of land Sale of investments Financing activities: Declaration of cash dividends Sale of common stock Increase in dividends payable Net increase in cash Totals Sol Problem A Name: Solution Section: Score: ON Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. The optional work sheet will not be graded, but is provided as an aid in determining amounts for the statement. Depreciation expense - building CROMME INC. Depreciation expense - equipment Statement of Cash Flows Insurance expense For the Year Ended December 31, 2016 Miscellaneous expense Rent expense Cash flows from operating activities: Rent revenue Net income $ 199,540 Salary expense Adjustments to reconcile net income to net cash flow from operating activities: Service revenue Depreciation 18,400 Supplies expense Loss on inventory write down and fixed assets Gain on sale of investments (40,000) Utilities Expense Changes in current operating assets and liabilities: Wages expense Increase in accounts receivable (18,880) Increase in inventories (24,640) Increase in accounts payable 19,520 Decrease in accrued expenses payable (10,400) Net cash flow from operating activities $ 143,540 Cash flows from investing activities: Cash received from sale of investments $ 280,000 Less cash paid for purchase of land (328,000) Less cash paid for purchase of equipment (152,000) Net cash flow used for investing activities (200,000) Cash flows from financing activities: Cash received from sale of common stock $ 187,500 Less cash paid for dividends (91,200) Net cash flow from financing activities 96,300 Increase in cash $ 39,840 Cash at the beginning of the year 585,920 Cash at the end of the year $ 625,760 Optional: CROMME INC.

Paper For Above instruction

The given assignment involves analyzing and correcting discrepancies in entries related to the statement of cash flows for CROMME INC. The focus is on identifying incorrect entries, understanding proper data verification procedures, and ensuring accurate financial reporting. This requires a comprehensive understanding of cash flow statements, data validation techniques, and the importance of accurate record-keeping in financial statements.

The primary issue highlighted involves incorrect N-box and B-box entries, with specific attention to blank entries and erroneous data inputs. Using functions such as COUNTIF, the task involves quantifying errors and verifying the correctness of recorded data. The use of conditional formatting and data validation is emphasized to prevent incorrect data entries and maintain the integrity of the worksheet.

Accurate preparation of the statement of cash flows entails categorizing cash flows into operating, investing, and financing activities. Important line items such as net income, adjustments for depreciation, gains and losses, and changes in working capital are crucial. Ensuring these are accurately reflected in the worksheet requires meticulous data entry and validation procedures.

The actual cash flow computations rely heavily on correct data inputs, which are verified through cell protection and data validation features in spreadsheet software. This minimizes user error and maintains data integrity, especially critical in preparing financial statements used for decision-making and reporting.

In addition, understanding the flow of cash from various activities aids in analyzing the company's liquidity and financial health. The cash at the beginning and end of the year, along with the net cash flows from operating, investing, and financing activities, are fundamental components of the cash flow statement. When properly prepared, these figures give a clear picture of how the company’s cash position has changed over the reporting period.

The assignment also underscores the importance of accurate error checking and reporting mechanisms, such as marking incorrect entries with an asterisk and using distinct cell formatting to differentiate input zones from protected areas. These methods assist users in maintaining data accuracy and facilitate troubleshooting during reporting.

In conclusion, this exercise emphasizes the significance of proper data verification, error minimization, and precise financial reporting to ensure compliance with accounting standards and provide transparent information to stakeholders. Implementing rigorous spreadsheet controls and validation strategies is essential for producing reliable financial statements and maintaining organizational credibility.

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