AssetsCurrent assets:CashAccounts receivableInventoryPrepaid rentLong-term assets:LandEquipmentAccumulated depreciationTotal assetsLiabilities and Stockholders EquityCurrent liabilities:Accounts payableInterest payablePLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2024 and 2023Income tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetaibed earningsTotal liabilities and stockholders' equityAdditional information for 20241. Net Income is $71000682024$113,50078,80097,0004,400490,000798,000(430,000)$1,151,700$101,0006,3008,400105,000710,000221,000$1,151,700Next >2023$125,60093,00081,8002,200490,000680,000(272,000)$1,200,600$86,80012,6005,200210,000710,000176,000$1,200,600 Additional Information for 2024:1. Net income is $71,000.2. The company purchases $118,000 in equipment. No equipment was sold.3. Depreciation expense is $158,000.4. The company repays $105,000 in notes payable.5. The company declares and pays a cash dividend of $26,000.Required:Prepare the statement of cash flows using the Indirect method. (Amounts to be deducted, cash outflows, andshould 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 activitiesPoat1 of 5Next

Additional Information for 2024: 1. Net income is $71,000. 2. The company purchases $118,000 in equipment. No equipment was sold. 3. Depreciation expense is $158,000. 4. The company repays $105,000 in notes payable. 5. The company declares and pays a cash dividend of $26,000. Required: Prepare the statement of cash flows using the Indirect method. (Amounts to be deducted, cash outflows, should be indicated with a minus sign.) PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2024

Additional Information for 2024: 1. Net income is $71,000. 2. The company purchases $118,000 in equipment. No equipment was sold. 3. Depreciation expense is $158,000. 4. The company repays $105,000 in notes payable. 5. The company declares and pays a cash dividend of $26,000. Required: Prepare the statement of cash flows using the Indirect method. (Amounts to be deducted, cash outflows, should be indicated with a minus sign.) PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2024

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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Electronic Wonders reports net Income of $96,200. The accounting records reveal Depreciation Expense of $50,500 as well as Increases in Prepaid Rent, Accounts Payable, and Income Tax Payable of $39,400, $24,200, and $20,100, respectively. Prepare the operating activities section of Electronic Wonders' statement of cash flows using the Indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) ELECTRONIC WONDERS Statement of Cash Flowes (partial) Cash Flows from Operating Activities Adjustments for noncash effects: Changes in current assets and current liabilities: Net cash flows from operating activites
i did most part, not sure if its correct. how do i find the cash at the begining of the year? i got $ -5500 as net decraese in cash
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