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Business
Accounting
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 mation for 2024 2024 $146,750 76,000 90,000 3,000 455,000 750,000 (415,000) $1,105,750 $94,000 6,750 7,000 112,500 675,000 210,500 $1,105,750 2023 $159,000 89,500 75,500 1,500 455,000 645,000 (258,000) $1,167,500 $80,500 13,500 4,500 225,000 675,000 169,000 $1,167,500

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 mation for 2024 2024 $146,750 76,000 90,000 3,000 455,000 750,000 (415,000) $1,105,750 $94,000 6,750 7,000 112,500 675,000 210,500 $1,105,750 2023 $159,000 89,500 75,500 1,500 455,000 645,000 (258,000) $1,167,500 $80,500 13,500 4,500 225,000 675,000 169,000 $1,167,500

FINANCIAL ACCOUNTING
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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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 Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Show Transcribed Text Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period c
Transcribed Image Text: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 Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Show Transcribed Text Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period c
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 2024 $146,750 76,000 90,000 3,000 455,000 750,000 (415,000) $1,105,750 $94,000 6,750 7,000 112,500 675,000 210,500 $1,105,750 Additional Information for 2024: 1. Net income is $64,000. 2. The company purchases $105,000 in equipment. No equipment was sold. 3. Depreciation expense is $157,000. 4. The company repays $112,500 in notes payable. 5. The company declares and pays a cash dividend of $22,500. 2023 $159,000 89,500 75,500 1,500 455,000 645,000 (258,000) $1,167,500 $80,500 13,500 4,500 225,000 675,000 169,000 $1,167,500
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 2024 $146,750 76,000 90,000 3,000 455,000 750,000 (415,000) $1,105,750 $94,000 6,750 7,000 112,500 675,000 210,500 $1,105,750 Additional Information for 2024: 1. Net income is $64,000. 2. The company purchases $105,000 in equipment. No equipment was sold. 3. Depreciation expense is $157,000. 4. The company repays $112,500 in notes payable. 5. The company declares and pays a cash dividend of $22,500. 2023 $159,000 89,500 75,500 1,500 455,000 645,000 (258,000) $1,167,500 $80,500 13,500 4,500 225,000 675,000 169,000 $1,167,500
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