Please do not give solution in image format ? The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided.VIDEO PHONES, INCORPORATEDIncome StatementFor the Year Ended December 31, 2024Net salesExpenses:Cost of goods soldOperating expensesDepreciation expenseLoss on sale of landInterest expenseIncome tax expenseTotal expensesNet incomeAssetsCurrent assets:CashAccounts receivableInventoryPrepaid rentLong-term assets:InvestmentsLandEquipmentAccumulated depreciation$2,400,000948,00036,0008,90019,50057,000Total assetsLiabilities and stockholders' EquityCurrent liabilities:Accounts Davable.$3,586,0003,469,400$116,600VIDEO PHONES, INCORPORATEDBalance Sheets.December 312024$257,74090,900.105,00014,160114,000219,000288,000(79,800)$1,009,000$74.1002023$219,42069,000144,0007,0800258,000219,000(43,800)$872,700$90.000 Liabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equity$ 74,1006,90015,900303,000390,000219,100$1,009,000$90,00011,80014,900234,000390,000132,000$872,700Additional Information for 2024:1. Purchased investment in bonds for $114,000.2. Sold land for $30,100. The land originally was purchased for $39,000, resulting in a $8,900 loss being recorded at the time of thesale.3. Purchased $69,000 in equipment by issuing a $69,000 long-term note payable to the seller. No cash was exchanged in thetransaction.4. Declared and paid a cash dividend of $29,500.Check rRequired:Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note..(Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.)

VIDEO PHONES INC.Cash Flow Statement - Indirect Method ( 2024 )Cash flow from Operating…

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 $74,100 6,900 15,900 303,000 390,000 219,100 $1,009,000 $ 90,000 11,800 14,900 234,000 390,000 132,000 $872,700 Additional Information for 2024: 1. Purchased investment in bonds for $114,000. 2. Sold land for $30,100. The land originally was purchased for $39.000, resulting in a $8,900 loss being recorded at the time of sale. 3. Purchased $69,000 in equipment by issuing a $69,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $29,500. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.)

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 $74,100 6,900 15,900 303,000 390,000 219,100 $1,009,000 $ 90,000 11,800 14,900 234,000 390,000 132,000 $872,700 Additional Information for 2024: 1. Purchased investment in bonds for $114,000. 2. Sold land for $30,100. The land originally was purchased for $39.000, resulting in a $8,900 loss being recorded at the time of sale. 3. Purchased $69,000 in equipment by issuing a $69,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $29,500. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 7P: Complex Income Statement The following items were derived from Woodbine Circle Corporations adjusted...

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