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P12-1 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 12-6 Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: 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 Current Year Prior Year $ 65,900 $ 67,350 18,550 25,350 20,000 152,900 (47,350) 25,350 213,150 (62,400) $ 262,000 $ 12,400 $ 22,700 4,800 62,600 102,800 5,200 75,800 67,300 79,400 45,800 $ 262,000 $ 216,800 $ 216,800 $ 209,000 106,000 15,050 44,400 $ 43,550

P12-1 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 12-6 Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: 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 Current Year Prior Year $ 65,900 $ 67,350 18,550 25,350 20,000 152,900 (47,350) 25,350 213,150 (62,400) $ 262,000 $ 12,400 $ 22,700 4,800 62,600 102,800 5,200 75,800 67,300 79,400 45,800 $ 262,000 $ 216,800 $ 216,800 $ 209,000 106,000 15,050 44,400 $ 43,550

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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P12-1 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 12-6 Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: 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 Current Year Prior Year $ 67,350 18,550 25,350 213,150 (62,400) $ 262,000 $ 12,400 4,800 62,600 102,800 79,400 $ 262,000 $ 209,000 106,000 15,050 44,400 $ 43,550 $ 65,900 25,350 20,000 152,900 (47,350) $ 216,800 $ 22,700 5,200 75,800 67,300 45,800 $216,800
Transcribed Image Text:P12-1 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 12-6 Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: 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 Current Year Prior Year $ 67,350 18,550 25,350 213,150 (62,400) $ 262,000 $ 12,400 4,800 62,600 102,800 79,400 $ 262,000 $ 209,000 106,000 15,050 44,400 $ 43,550 $ 65,900 25,350 20,000 152,900 (47,350) $ 216,800 $ 22,700 5,200 75,800 67,300 45,800 $216,800
Additional Data: a. Bought equipment for cash, $60,250. b. Paid $13,200 on the long-term note payable. c. Issued new shares of stock for $35,500 cash. d. Dividends of $9,950 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. Required: 1. Prepare the statement of cash flows using the indirect method for the year ended December 31, current year. Note: List cash outflows as negative amounts.
Transcribed Image Text:Additional Data: a. Bought equipment for cash, $60,250. b. Paid $13,200 on the long-term note payable. c. Issued new shares of stock for $35,500 cash. d. Dividends of $9,950 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. Required: 1. Prepare the statement of cash flows using the indirect method for the year ended December 31, current year. Note: List cash outflows as negative amounts.
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