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Exercise 11-8 (Algo) Prepare a statement of cash flows-indirect method (LO11-3, 11-4, 11-5) 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 PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2024 2024 Cash Flows from Operating Activities $114,250 79,200 98,000 4,600 Additional Information for 2024: 1. Net Income is $72,000. 2. The company purchases $117,000 in equipment. No equipment was sold. 3. Depreciation expense is $157,000. 4. The company repays $107,500 in notes payable. 5. The company declares and pays a cash dividend of $26,500. Adjustments to reconcile net income to net cash flows from operating activities 495,000 802,000 (431,000) $1,162,050 $102,000 6,450 8,600 107,500 715,000 222,500 $1,162,050 2023 $128,400 93,500 82,700 2,300 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.) 495,000 685,000 (274,000) $1,212,900 $87,700 12,900 5,300 215,000 715,000 177,000 $1,212,900

Exercise 11-8 (Algo) Prepare a statement of cash flows-indirect method (LO11-3, 11-4, 11-5) 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 PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2024 2024 Cash Flows from Operating Activities $114,250 79,200 98,000 4,600 Additional Information for 2024: 1. Net Income is $72,000. 2. The company purchases $117,000 in equipment. No equipment was sold. 3. Depreciation expense is $157,000. 4. The company repays $107,500 in notes payable. 5. The company declares and pays a cash dividend of $26,500. Adjustments to reconcile net income to net cash flows from operating activities 495,000 802,000 (431,000) $1,162,050 $102,000 6,450 8,600 107,500 715,000 222,500 $1,162,050 2023 $128,400 93,500 82,700 2,300 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.) 495,000 685,000 (274,000) $1,212,900 $87,700 12,900 5,300 215,000 715,000 177,000 $1,212,900

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Exercise 11-8 (Algo) Prepare a statement of cash flows-indirect method (LO11-3, 11-4, 11-5) 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 PLASMA SCREENS CORPORATION Statement of Cash Flows Additional Information for 2024: 1. Net Income is $72,000. 2. The company purchases $117,000 in equipment. No equipment was sold. 3. Depreciation expense is $157,000. 4. The company repays $107,500 in notes payable. 5. The company declares and pays a cash dividend of $26,500. 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 Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period 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.) $ $114,250 79,200 98,000 4,600 $ 495,000 802,000 (431,000) $1,162,050 $102,000 6,450 8,600 107,500 715,000 222,500 $1,162,050 2024 0 0 0 0 2023 $128,400 93,500 82,700 2,300 495,000 685,000 (274,000) $1,212,900 $87,700 12,900 5,300 215,000 715,000 177,000 $1,212,900
Transcribed Image Text:Exercise 11-8 (Algo) Prepare a statement of cash flows-indirect method (LO11-3, 11-4, 11-5) 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 PLASMA SCREENS CORPORATION Statement of Cash Flows Additional Information for 2024: 1. Net Income is $72,000. 2. The company purchases $117,000 in equipment. No equipment was sold. 3. Depreciation expense is $157,000. 4. The company repays $107,500 in notes payable. 5. The company declares and pays a cash dividend of $26,500. 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 Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period 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.) $ $114,250 79,200 98,000 4,600 $ 495,000 802,000 (431,000) $1,162,050 $102,000 6,450 8,600 107,500 715,000 222,500 $1,162,050 2024 0 0 0 0 2023 $128,400 93,500 82,700 2,300 495,000 685,000 (274,000) $1,212,900 $87,700 12,900 5,300 215,000 715,000 177,000 $1,212,900
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