VIDEO PHONES, INC.Balance SheetsDecember 3120212020AssetsCurrent assets:CashAccounts receivableInventoryPrepaid rentLong-term assets:InvestmentsLandEquipmentAccumulated depreciation$ 273,44085, 400105,00012,960$177,52064,000139,0006,480es109,000214,000278,000(73,800)$1,004,000248,000214,000(42,800)$806, 200Total assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earnings69,6006,40015,400$ 85,00010,80014,400293,000229,000340,000279,600$1,004,000340,000127,000$806, 200Total liabilities and stockholders' equityAdditional Information for 2021:1. Purchase investment in bonds for $109,000,2. Sell land costing $34,000 for only $25,600, resulting in a $8,400 loss on sale of land.3. Purchase $64,000 in equipment by issuing a $64,000 long-term note payable to the seller. No cash is exchanged in the transaction.4. Declare and pay a cash dividend of $27,000.Required:Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (List cashoutflows and any decrease in cash as negative amounts.) The income statement, balance sheets, and additional information for Video Phones, Inc., are provided.VIDEO PHONES, INC.Income StatementFor the Year Ended December 31, 2021Net salesExpenses:Cost of goods soldOperating expensesDepreciation expenseLoss on sale of landInterest expenseIncome tax expenseTotal expenses$3,336,000$2, 150, 000৪98, 00031,0008,40017,00052,0003,156,400$ 179,600Net income

The cash flow statement records the cash transactions incurred during period classified as operating…

December 31 2021 2020 Assets Current assets: Cash Accounts receivable $ 273,440 85,400 105,000 12,960 $177,520 64,000 139,000 6,480 Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets 109,000 214,000 278,000 (73,800) $1,004,000 248,000 214,000 (42,800) $806,200 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-te rm liah lit 69,600 6,400 15,400 $ 85,000 10,800 14,400

December 31 2021 2020 Assets Current assets: Cash Accounts receivable $ 273,440 85,400 105,000 12,960 $177,520 64,000 139,000 6,480 Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets 109,000 214,000 278,000 (73,800) $1,004,000 248,000 214,000 (42,800) $806,200 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-te rm liah lit 69,600 6,400 15,400 $ 85,000 10,800 14,400

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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Pls stepwise with explanation and correct only.
What is the Asset Turnover Ratio in 2020?