H1.Account Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, current year. The statements arecomplete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarizedas follows:Balance sheet at December 31CashAccounts receivableMerchandise inventoryProperty and equipmentLess: Accumulated depreciationAccounts payableWages payableNote payable, long-term .Common stock and additional paid-in capitalRetained earningsIncome statement for current yearSalesCost of goods soldDepreciation expenseOther expensesNet incomeAdditional Data:a. Bought equipment for cash, $60,950.b. Paid $16,020 on the long-term note payable.c. Issued new shares of stock for $36,400 cash..Current Year Prior Year$70,85019,75025,950214,150(63,400)$ 267,300$13,5004,50060,180104,20084,920$ 267,300$ 213,000110,00015,45044,800$42,750d. Dividends of $830 were declared and paid.e. Other expenses all relate to wages.1. Accounts payable includes only inventory purchases made on credit.$ 66,20025,95020,800153,200(47,950)$ 218,200$ 23,0007,40076,20067,80043,000$218,200Required:1. Prepare the statement of cash flows using the direct method for the year ended December 31, current year.Note: List cash outflows as negative amounts.***AlautCheck my work SHARP SCREEN FILMS, INCORPORATEDStatement of Cash FlowsFor the Year Ended December 31, Current YearCash flows from operating activities:Cash flows from investing activities:Cash flows from financing activities:

The cash flow statement is prepared to record the cash flow from various activities during the…

Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income Additional Data: a. Bought equipment for cash, $60,950. b. Paid $16,020 on the long-term note payable. c. Issued new shares of stock for $36,400 cash. d. Dividends of $830 were declared and paid. Current Year Prior Year $ 66,200 $70,850 19,750 25,950 214,150 (63,400) $ 267,300 $13,500 4.500 60,180 104,200 84,920 $ 267,300 $ 213,000 110,000 15,450 44,800 $ 42,750 e. Other expenses all relate to wages. 1. Accounts payable includes only inventory purchases made on credit. 25,950 20,800 153,200 (47,950) $ 218,200 $ 23,000 7,400 76,200 67,800 43,000 $ 218,200 Required: 1. Prepare the statement of cash flows using the direct method for the year ended December 31, current year. Note: List cash outflows as negative amounts.

Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income Additional Data: a. Bought equipment for cash, $60,950. b. Paid $16,020 on the long-term note payable. c. Issued new shares of stock for $36,400 cash. d. Dividends of $830 were declared and paid. Current Year Prior Year $ 66,200 $70,850 19,750 25,950 214,150 (63,400) $ 267,300 $13,500 4.500 60,180 104,200 84,920 $ 267,300 $ 213,000 110,000 15,450 44,800 $ 42,750 e. Other expenses all relate to wages. 1. Accounts payable includes only inventory purchases made on credit. 25,950 20,800 153,200 (47,950) $ 218,200 $ 23,000 7,400 76,200 67,800 43,000 $ 218,200 Required: 1. Prepare the statement of cash flows using the direct method for the year ended December 31, current year. Note: List cash outflows as negative amounts.

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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