Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, current year. The statements arecomplete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarizedas follows:Balance sheet at December 31CashAccounts receivableMerchandise inventoryProperty and equipmentLess: Accumulated depreciationAccounts payableWages payableNote payable, long-termCommon stock and additional paid-in capitalRetained earningsIncome statement for current yearSalesCost of goods soldDepreciation expenseOther expensesNet incomeAdditional 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 $35,500 cash.Current Year Prior Year$ 65,900$ 67,35018,55025,35025,35020,000Net incomeAdjustments to reconcile net income to net cash providedby operating activities:213,150(62,400)$ 262,000Depreciation expenseDecrease in accounts receivableIncrease in merchandise inventoryDecrease in wages payableDecrease in accounts payable$ 12,4004,80062,600102,80079,400$ 262,000d. Dividends of $9,950 were declared and paid.e. Other expenses all relate to wages.f. Accounts payable includes only inventory purchases made on credit.$ 209,000106,00015,05044,400$ 43,550SHARP SCREEN FILMS, INCORPORATEDStatement of Cash FlowsFor the Year Ended December 31, Current YearCash flows from operating activities: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.$152,900(47,350)$ 216,80015,0506,800(5,350)(400)(10,300)$ 22,7005,20075,80067,30045,800$ 216,800$43,5505,800< Prev4 of 7=N 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 $9,950 were declared and paid.e. Other expenses all relate to wages.f. Accounts payable includes only inventory purchases made on credit.Required:1. Prepare the statement of cash flows using the indirect method for the year ended December 31, current year.Note: List cash outflows as negative amounts.SHARP SCREEN FILMS, INCORPORATEDStatement of Cash FlowsFor the Year Ended December 31, Current YearCash flows from operating activities:Net incomeAdjustments to reconcile net income to net cash providedby operating activities:Depreciation expenseDecrease in accounts receivableIncrease in merchandise inventoryDecrease in wages payableDecrease in accounts payableAnswer is not complete.Cash flows from investing activities:Cash payments to purchase property and equipmentCash s from financing activities:Cash payments on long-term noteCash receipts from issuing stockCash payments for dividendsNet cash provided by financing activitiesNet increase in cash during the yearCash balance, January 1, current yearCash balance, December 31, current year300000✓$✔>>>✓✓✓15,0506,800(5,350)(400)(10,300)60,250X(13,200)35,500(9,950)$$43,550✔5,80049,35060,25012,3501,45065,900✔67,350< Prev4 of 7

Name: Sharp Screen Films, Incorporated, is developing its annual financial
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Description: Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, current year. The statements arecomplete except for the statement of cash flows. The completed comparative balance sheets and income statement are summar

The cash flow statement records the cash inflows and outflows for the current period. The various…

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Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, 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 Current 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 Prior Year $ 65,900 25,350 20,000 152,900 (47,350) $ 216,800 year. $ 22,700 5,200 75,800 67,300 45,800 $ 216.800

Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, 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 Current 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 Prior Year $ 65,900 25,350 20,000 152,900 (47,350) $ 216,800 year. $ 22,700 5,200 75,800 67,300 45,800 $ 216.800

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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