Please do not give solution in image format ? And Fast answering please and explain proper steps by Step. 1. Net income is $79,000.2. The company purchases $110,000 in equipment. No equipment was sold.3. Depreciation expense is $150,000.4. The company repays $115,000 in notes payable.5. The company declares and pays a cash dividend of $30,000.Required:Prepare the statement of cash flows using the indirect method. (Amounts to be deducted, cash outflows, and anydecrease in cash should be indicated with a minus sign.)PLASMA SCREENS CORPORATIONStatement of Cash FlowsFor the Year Ended December 31, 2024Cash Flows from Operating ActivitiesAdjustments to reconcile net income to net cashflows from operating activities:Net cash flows from operating activitiesCash Flows from Investing ActivitiesShow Transcribed TextNet cash flows from operating activitiesCash Flows from Investing ActivitiesNet cash flows from investing activitiesCash Flows from Financing ActivitiesNet cash flows from financing activitiesCash at the beginning of the periodCash at the end of the periodc The balance sheets for Plasma Screens Corporation, along with additional information, are provided below:PLASMA SCREENS CORPORATIONBalance Sheets.December 31, 2024 and 2023AssetsCurrent assets:CashAccounts receivableInventoryPrepaid rentLong-term assets:LandEquipmentAccumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payable.Interest payableIncome tax payable.Long-term liabilities:Notes payableStockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equity3. Depreciation expense is $150,000.4. The company repays $115,000 in notes payable.5. The company declares and pays a cash dividend of $30,000.2024$ 108,900.82,000105,0006,000530,000830,000(438,000)$ 1,223,900Additional Information for 2024:1. Net income is $79,000.2. The company purchases $110,000 in equipment. No equipment was sold.$ 109,0006,90010,000115,000750,000233,000$1,223,9002023$ 126,80097,00089,0003,000530,000720,000(288,000)$ 1,277,800$ 94,00013,8006,000230,000750,000184,000$ 1,277,800.

he indirect cash flow method calculates cash flow by adjusting net income with differences from…

1. Net income is $79,000. 2. The company purchases $110,000 in equipment. No equipment was sold. 3. Depreciation expense is $150,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $30,000. Required: Prepare the statement of cash flows using the indirect method. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.)

1. Net income is $79,000. 2. The company purchases $110,000 in equipment. No equipment was sold. 3. Depreciation expense is $150,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $30,000. Required: Prepare the statement of cash flows using the indirect method. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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