FAQ: Statement of Cash Flows

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1 Question 1: What sources are used when the statement of cash flows is being prepared, and what information does each source provide? Answer 1: The statement of cash flows is prepared differently from the other three financial statements. The income statement, statement of owner's equity, and balance sheet are prepared from an adjusted trial balance. The statement of cash flows is not prepared from the adjusted trial balance because the adjusted trial balance does not provide the necessary information. There are three sources from which the information is obtained to prepare the fourth financial statement: comparative balance sheets, the current income statement, and any additional information. The comparative balance sheets show the amount of changes in assets, liabilities, and equities from the beginning of the accounting period to the end of the accounting period. The current income statement shows the amount of cash provided by operations or used by operations during the accounting period. From the general ledger, selected transaction data provide additional detailed information needed to determine how cash was provided or used during the particular accounting period. Because the statement of cash flows deals with cash receipts and cash payments, an organization must adjust the effects of the use of accrual accounting to determine the proper cash flows. Question 2: On the statement of cash flows, what are cash equivalents? Answer 2: Cash equivalents are any short-term and highly liquid investments. They must meet the following two criteria: They need to be readily convertible to a certain amount of cash, and the investments need to be so close to maturity that their risk is insignificant if there are any changes in the interest rate. Some examples of cash equivalents are treasury bills, commercial paper, and money market funds. Question 3: What is a direct exchange on the statement of cash flows, and how would it be handled when preparing the statement of cash flows? 1

2 Answer 3: Because the statement of cash flows will show only the effects of operating, investing, and financing activities for cash flow purposes, some transactions are not paid in cash. These types of transactions are called direct exchanges. An example of a direct exchange would be common stock that is exchanged for property. This type of transaction needs to be shown on the statement of cash flows. If these transactions are material in amount, they need to be disclosed in a separate schedule at the bottom of the financial statement. There are noncash transactions or other events that are usually not reported on the statement of cash flows. Several examples of transactions that do not have to be reported are stock dividends and stock splits. Question 4: On the statement of cash flows, how is the operating section prepared using the indirect method? Answer 4: When using the accrual method of accounting, the revenues and expenses will be recorded at different times from when the cash will be received or paid. For example, when a company sells merchandise on credit, the general journal entry would be a debit to accounts receivable and a credit to revenue (see example). This means that cash will be recorded at a later date. There is the same concept for expenses. For example, Prepaid Advertising represents the amount of advertising expired during the period. Assume that the advertising amount was paid in a prior period. This will require that an adjustment be made on the statement of cash flows. When preparing the operating section using the indirect method, we need comparative balance sheets for the current and prior year and the income statement for the current period. The first step is using the comparative balance. In the different accounts, the calculation of the increases or decreases in each account is needed. Next, on the statement of cash flows, the first item is the net income. Then, there is a subsection for additions. The first addition item to net income is the depreciation expense or amortization expense. Other addition items are any decreases in the current asset accounts or increases in current liabilities. There is also a subsection for subtractions from net income, which will be any increases in current assets or decreases in current liabilities. The only current liabilities that are not included in this section would be debts to lenders and dividends payable. Also, if an asset has been sold at a gain, the amount of 2

3 the gain must be subtracted out of the net income; or if an asset has been sold at a loss, the amount of the loss must be added back to the net income. After the additions and subtractions are made, the number that is obtained is the net cash provided (used) by the operating activities. The following is an example of the operating activities section of the statement of cash flows using the indirect method. Here is the comparative balance sheet for the Smith Company: Smith Company Comparative Balance Sheet December 31, 2005 and Increase (Decrease) Assets Cash $5 $8 $(3) Accounts Receivable Inventory Property, Plant & Equipment Accumulated Depreciation (41) (31) 10 Total Assets $288 $250 Accounts Payable Common Stock Retained Earnings Total Liabilities and Stockholder's Equity $288 $250 Here is the 2005 Income Statement Sales $600 Less Cost of Goods Sold 400 Gross Margin 200 Less Operating Expenses 180 Net Income $20 3

4 Smith Company Statement of Cash Flows For the Year Ended December 31, 2005 Operating Activities: Net Income $20 Additions: Depreciation Expense 10 Accounts Payable Increase 6 Subtractions: Accounts Receivable Increase 7 Inventory Increase 14 Net Cash Provided by Operation Activities 15 Investing Activities: Additions to Plant and Equipment (30) Net Cash Used for Investing Activities (30) Financing Activities: Increase in Common Stock 20 Cash Dividends (8) Net Cash Provided by Financing Activities 12 Net Decrease in Cash (3) Cash, January 1, Cash, December 31, 2005 $4 Question 5: On the statement of cash flows, how is the operating section prepared using the direct method? Answer 5: Under the direct method, major classes of total operating cash receipts and total operating cash payments will be reported. The difference between the total operating cash receipts and the total operating cash payment will be the net cash flow from operating activities. 4

5 The starting point with this method would be sales. To determine the adjustment to sales, first look at what happened in the accounts receivable account. If accounts receivable decreased, the amount of the decrease would be added to sales. If the accounts receivable increased, the amount of the increase would be subtracted from the sales. The net amount will be the cash received from customer (see example). Second, there would be an adjustment to the cost of goods sold account, and this will determine the amount made for the cash payments for goods sold. To determine the adjustment to the cost of goods sold, there needs to be an analysis of the inventory account and the accounts payable account. If the inventory account increased, then the amount of the increase would be added to the cost of goods sold. If the inventory account decreased, then the amount of the decrease would be subtracted from the cost of goods sold. There also must be an analysis of the accounts payable account. If the accounts payable decreases, the amount of the decrease is added to the cost of goods sold. If the accounts payable increases, the amount of the increase is subtracted from the cost of goods sold. The net amount will be the cash payments for cost of goods sold. Finally, there would be an adjustment for cash payments for operating expenses. An analysis of the operating expenses other than the depreciation is needed. If there is an increase in accrued expenses, the net amount of the increase would be subtracted, and if there is a decrease in accrued expenses, the net amount of the decrease would be added. Depreciation, or amortization, and charges for the year are always subtracted. An accrued expense is an expense that has been incurred but not recorded in the accounts. An example would be interest on notes payable at the end of the accounting period. The following is an example of the operating activities section of the statement of cash flows using the direct method. Here is the comparative balance sheet for the Smith Company: 5

6 Smith Company Comparative Balance Sheet December 31, 2005 and Increase (Decrease) Assets Cash $5 $8 $(3) Accounts Receivable Inventory Property, Plant & Equipment Accumulated Depreciation (41) (31) 10 Total Assets $288 $250 Accounts Payable Common Stock Retained Earnings Total Liabilities and Stockholder's Equity $288 $250 Here is the 2005 Income Statement Sales $600 Less Cost of Goods Sold 400 Gross Margin 200 Less Operating Expenses 180 Net Income $20 6

7 Worksheet Smith Company Sales $600 Adjustment to a Cash Basis: Increase in Accounts Receivable -7 $593 Cost of Goods Sold 400 Adjustments to a Cash Basis Increase in Inventory +14 Increase in Accounts Payable Operating Expenses 108 Adjustments to a Cash Basis Depreciation Charges for the Year Net Cash Provided by Operative Activities 15 Smith Company Statement of Cash Flows For the Year Ended December 31, 2005 Cash Flows from Operating Activities: Cash Received from Customers $593 Deduct: Cash Payments for Cost of Goods Sold 408 Operating Expenses (not depreciation) 170 Net Cash Provided by Operating Activities 15 Investing Activities: Additions to Plant and Equipment (30) Net Cash Used for Investing Activities (30) Financing Activities: Increase in Common Stock 20 Cash Dividends (8) Net Cash Provided by Financing Activities 12 Net Decrease in Cash (3) 7

8 Cash, January 1, Cash, December 31, 2005 $4 Schedule Reconciling Net Income with Cash Flows from Operating Activities: Operating Activities: Net Income $20 Additions: Depreciation Expense 10 Accounts Payable Increase 6 Subtractions: Accounts Receivable Increase 7 Inventory Increase 14 Net Cash Provided by Operation Activities 15 Question 6: On the statement of cash flows, how is the investing section prepared? Answer 6: In the investing activities, cash inflows usually come from either selling property, plant, and equipment assets; investments; or intangible assets. Payments to purchase property, plant, and equipment assets; investments; or intangible assets are cash outflows. When preparing this section of the statement of cash flows, the cash inflows are listed first, followed by the cash outflows. Net cash flow provided by investing activities refers to when the cash inflows are greater than the cash outflows. Net cash flow used by investing activities refers to when the cash inflows are smaller than the cash outflows. For example, equipment is purchased for $5,000, and land is sold for $20,000. The investing activity section would look like this: Cash Flows from Investing Activities: Cash from Sale of Land $20,000 Purchase of Equipment (5,000) Net Cash Flow provided for Investing Activities $15,000 Another example would be the following: Land is purchased for $50,000, and investments are sold for $15,000. The investing activity section would look 8

9 like this: Cash Flows from Investing Activities: Cash from Investments $15,000 Purchase of Land (50,000) Net Cash Flow used for Investing Activities $35,000 Question 7: Why would interest paid on amounts borrowed from lenders be considered an operating activity when the amounts borrowed are financing activities? Answer 7: Interest paid on amounts borrowed is called interest expense. Interest expense is the cost of running the business and is a current expense of the company. Because this interest is deducted as a current expense in calculating the net income, it would be included in the operating activity section instead of the financing activities section. If the transaction affected net income, the transaction would be included in the operating section. The principle amount of money that is borrowed does not have an effect on the net income of the company. For this reason, the borrowed money will be reflected in the financing activities section of the statement of cash flows. Question 8: On the statement of cash flows, how is the financing section prepared? Answer 8: When a company issues debt or equity securities, this is considered cash inflows from financing activities. Some examples of cash inflows would be issuing bonds, notes payable, preferred stock, and common stock. When a company pays cash dividends, repays debt, or purchases treasury stock, it is considered cash outflows from financing activities. On the statement of cash flows, the cash flows in the financing section are reported by listing the cash inflows first and then the cash outflows. Net cash flow provided by financing activities refers to when the cash inflows are greater than the cash outflows. Net cash flow used by financing activities refers to when the cash inflows are smaller than the cash outflows. For example, the company sold common stock for $60,000 and paid cash dividends of $20,000. 9

10 The financing activity section would look like this: Cash Flows from Financing Activities: Cash Received from Sale of Common Stock $60,000 Cash Paid for Dividends (20,000) Net Cash Flow provided for financing activities $40,000 Another example would be issued bonds in the amount of $65,000 and paid off a mortgage payable in the amount of $85,000. The financing activity section would look like this: Cash Flows from Financing Activities: Cash Received from Issuance of Bonds $65,000 Cash Paid for Retirement of Mortgage Payable (85,000) Net Cash Flow used for financing activities $(20,000) Question 9: Why are transactions involving accounts payable not considered financing activities? Answer 9: Accounts payable represents the amount of money that the company owes to its vendors or suppliers. The vendors and suppliers are financing the merchandise that the company is selling. Accounts payable are current liabilities. As a general rule, the changes in current liabilities are either added to or subtracted from the net income in the operating section of the statement of cash flows if using the indirect method. If using the direct method, the change in accounts payable would be either added or subtracted to the cost of goods sold. In the financing activities of the statement of cash flows, the business transactions that would be reported involve liability and stockholder's equity items. This includes acquiring cash from creditors and repaying the amounts borrowed as well as acquiring capital from owners and providing them with a return on the capital or investment. Question 10: What are the differences between the direct and the indirect methods of preparing the statement of cash flows? Answer 10: The direct method is also called the income statement method. This method reports the cash receipts and cash disbursement from operating activities. When the difference between these two is calculated, that 10

11 represents the net cash flow from operating activity. The net cash provided by operating activities is the same as the cash-basis net income, whereas the net cash used by operating activities would be the same as cash-basis net loss. The indirect method is also called the reconciliation method. This method starts with net income and changes it to net cash flow from operating activities. The indirect method adjusts net income for any transactions that affected reported net income, but this transaction has no effect on cash. The Financial Accounting Standards Board (FASB) prefers organizations to use the direct method to prepare the statement of cash flows. If the company uses the direct method as a supporting schedule, the company must prepare the operating activities section using the indirect method. However, if the company uses the indirect method, there are no supporting schedules required. The most popular method among organizations for preparing the statement of cash flows is the indirect method. 11

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