(Appendix 11B) Using a Spreadsheet to Prepare a Statement of Cash Flows Flit Limousine Service Inc. began operations in late March 2018. At the end of 2018, the following statement of financial position was prepared for Flit.

\section*{Required:}
1. Using a spreadsheet, prepare a statement of cash flows for 2018. Assume Flit Limousine uses the indirect method.
2. CONCEPTUAL CONNECTION Discuss whether Flit Limousine appears to have matched the timing of inflows and outflows of cash.

\section*{Case

Flit Limousine Service Inc. Statements of Financial Position December 31, 2018 ASSETS Current assets: Cash Accounts receivable. Supplies Total current assets Long-term investments $ 7,200 15,900 3,100 $ 26,200 15,000 Property, plant, and equipment: Lanc $ 11,000 Building 175,000 Equipment 233,400 419,400 Accumulated depreciation (35,500) Net property, plant, and 383,9001 equipment Total assets $425,100 Additional Information: 1. During 2018, and was purchased for $11,000, a building was purchased for $175,000, and equipment was purchased for $233,400, 2. Depreciation expense for 2018 was $35,500. 3. The long-term note was issued for $100,000, and a principal payment of $5,000 was made during 2018 4. Common shares were issued for $300,000 cash during 2018. 5. During 2018, there was a net loss of $17,200 and no dividends were paid. LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 12,700 Ureamed service revenue 21,800 Salones payable 4,600 Rent payable 8,2001 Total current liabilities $ 47,300 Long-term liabilities: Notes payable 95,000 Total liabilities 142,300 Equity: Common shares 300,000 Retained earnings (deficit) (17,200) Total equity 282,800 Total liabilities and equity $425,100