Additional Information for 2024: 1. Net income is $61,000. 2. The company purchases $102,000 in equipment. No equipment was sold. 3. Depreciation expense is $154,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $21,000. 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.) PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities
Additional Information for 2024: 1. Net income is $61,000. 2. The company purchases $102,000 in equipment. No equipment was sold. 3. Depreciation expense is $154,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $21,000. 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.) PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Don't give answer in image format
![The balance sheets for Plasma Screens Corporation, along with additional information, are provided below:
PLASMA SCREENS CORPORATION
Balance Sheets
December 31, 2024 and 2023
Assets.
Current assets:
Cash
Accounts receivable
Inventory
Prepaid rent
Long-term assets:
Land
Equipment
Accumulated depreciation
Total assets
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
Interest payable
Income tax payable
Long-term liabilities:
Notes payable
Stockholders equity:
Common stock
Retained earnings
Total liabilities and stockholders' equity
Additional Information for 2024:
2024
$151, 100
74,800
87,000
2,400
440,000
732,000
(406,000)
$1,085,300
$91,000
6,900
6,400
115,000
660,000
206,000
$1,085,300
2023
$171,800
88,000
72,800
1,200
440,000
630,000
(252,000)
$1,151,800
$77,800
13,800
4,200
230,000
660,000
166,000
$1,151,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F658ce5c9-d65b-4e1b-ade0-8e0aae708fac%2F51411f84-f784-4e65-80f4-fee482bc6faa%2F2rjmdd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The balance sheets for Plasma Screens Corporation, along with additional information, are provided below:
PLASMA SCREENS CORPORATION
Balance Sheets
December 31, 2024 and 2023
Assets.
Current assets:
Cash
Accounts receivable
Inventory
Prepaid rent
Long-term assets:
Land
Equipment
Accumulated depreciation
Total assets
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
Interest payable
Income tax payable
Long-term liabilities:
Notes payable
Stockholders equity:
Common stock
Retained earnings
Total liabilities and stockholders' equity
Additional Information for 2024:
2024
$151, 100
74,800
87,000
2,400
440,000
732,000
(406,000)
$1,085,300
$91,000
6,900
6,400
115,000
660,000
206,000
$1,085,300
2023
$171,800
88,000
72,800
1,200
440,000
630,000
(252,000)
$1,151,800
$77,800
13,800
4,200
230,000
660,000
166,000
$1,151,800
![Additional Information for 2024:
1. Net income is $61,000.
2. The company purchases $102,000 in equipment. No equipment was sold.
3. Depreciation expense is $154,000.
4. The company repays $115,000 in notes payable.
5. The company declares and pays a cash dividend of $21,000.
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.)
PLASMA SCREENS CORPORATION
Statement of Cash Flows
For the Year Ended December 31, 2024
Cash Flows from Operating Activities
Adjustments to reconcile net income to net cash
flows from operating activities](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F658ce5c9-d65b-4e1b-ade0-8e0aae708fac%2F51411f84-f784-4e65-80f4-fee482bc6faa%2Fyhdea3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Additional Information for 2024:
1. Net income is $61,000.
2. The company purchases $102,000 in equipment. No equipment was sold.
3. Depreciation expense is $154,000.
4. The company repays $115,000 in notes payable.
5. The company declares and pays a cash dividend of $21,000.
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.)
PLASMA SCREENS CORPORATION
Statement of Cash Flows
For the Year Ended December 31, 2024
Cash Flows from Operating Activities
Adjustments to reconcile net income to net cash
flows from operating activities
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