Sharp Screen Films, Inc., Is developing Its annual financial statements at December 31, except for the statement of cash flows. The completed comparatve balance sheets and Income statement are summartzed as follows 2U Tw Balance aheet at Daecember 31 65.650 16,250 23.350 210,550 (60,400) $255,400 # 10,300 3,300 61,600 100,300 79,900 $255,400 064.500 23,350 18,600 152,000 (46,250) $212,200 $20.400 3,600 72,500 66,400 49,300 $212,200 Canh Accounta receivable Merchandime inventory Property and equipmant Least Accumulated depreciation Accounta payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings scome statament for current year Sales Cost of gooda sold Depreciation expense Other expensen Tet income $200,000 97,000 14,150 43,500 $ 45,350 Fonal Data: Bought equipment for cash, $58,550. Pald $10,900 on the long-term note payable. ssued new shares of stock for $33,900 cash. Ividends of $14,750 were declared and paid. ther expenses all relate to wages. ccounts payable includes only inventory purchases made on credit. e the statement of cash flows using the indirect method for the year ended December 31, current year. (List cash outflows as amounts.) SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year tiuitioe:
Sharp Screen Films, Inc., Is developing Its annual financial statements at December 31, except for the statement of cash flows. The completed comparatve balance sheets and Income statement are summartzed as follows 2U Tw Balance aheet at Daecember 31 65.650 16,250 23.350 210,550 (60,400) $255,400 # 10,300 3,300 61,600 100,300 79,900 $255,400 064.500 23,350 18,600 152,000 (46,250) $212,200 $20.400 3,600 72,500 66,400 49,300 $212,200 Canh Accounta receivable Merchandime inventory Property and equipmant Least Accumulated depreciation Accounta payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings scome statament for current year Sales Cost of gooda sold Depreciation expense Other expensen Tet income $200,000 97,000 14,150 43,500 $ 45,350 Fonal Data: Bought equipment for cash, $58,550. Pald $10,900 on the long-term note payable. ssued new shares of stock for $33,900 cash. Ividends of $14,750 were declared and paid. ther expenses all relate to wages. ccounts payable includes only inventory purchases made on credit. e the statement of cash flows using the indirect method for the year ended December 31, current year. (List cash outflows as amounts.) SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year tiuitioe:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sharp Screen Films, Inc., 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:
Corrent Taar
ier Ter
Balance sheet at December 31
$ 65,650
16,250
23,350
210,550
(60,400)
$255,400
$ 10,300
3,300
61,600
100,300
79,900
$255,400
$ 64,500
23,350
18,600
152,000
(46,250)
$212,200
$ 20,400
3,600
72,500
66,400
49,300
$212,200
Cash
Accounts receivable
Merchandige inventory
Property and equipment
Less: Accumulated depreciation
Accounts payable
Wages payable
Note payable, long-term
Common stock and additional paid-in capital
Retained earnings
acome statement for current year
$200,000
97,000
14,150
43,500
$ 45,350
Sales
Cost of goods sold
Depreciation expense
Dther expenses
Het income
ional Data:
Bought equipment for cash, $58,550.
Paid $10,900 on the long-term note payable.
ssued new shares of stock for $33,900 cash.
ividends of $14,750 were declared and paid.
ther expenses all relate to wages.
Ccounts payable includes only inventory purchases made on credit.
re the statement of cash flows using the indirect method for the year ended December 31, current year. (List cash outflows as
amounts.)
SHARP SCREEN FILMS, INC.
Statement of Cash Flows
For the Year Ended December 31, Current Year
from onoratina aotvitionr
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