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:Current Year$ 67,85020,25026,450214,450(63,800)$ 265,200$ 13,8005,60064,500104,90076,400$ 265,200$ 215,000112,00015,45045,000$ 42,550a. Bought equipment for cash, $60,950.b. Paid $11,900 on the long-term note payable.c. Issued new shares of stock for $36,900 cash.d. Dividends of $10,450 were declared and paid.e. Other expenses all relate to wages.f. Accounts payable includes only inventory purchases made on credit.Prior Year$ 66,50026,45021,100.153,500(48,350)$ 219,200$ 24,3006,20076,40068,00044,300$ 219,200 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:Adjustments to reconcile net income to net cash providedby operating activities:Cash flows from investing activities:Cash flows from financing activities:+000

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

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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 Additional Data: a. Bought equipment for cash, $60,950. b. Paid $11,900 on the long-term note payable. c. Issued new shares of stock for $36,900 cash. Current Year Prior Year $ 67,850 20,250 26,450 214,450 (63,800) $ 265,200 $ 13,800 5,600 64,500 104,900 76,400 $ 265,200 $ 215,000 112,000 15,450 45,000 $ 42,550 d. Dividends of $10,450 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. $ 66,500 26,450 21,100 153,500 (48,350) $ 219,200 $ 24,300 6,200 76,400 68,000 44,300 $ 219,200

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 Additional Data: a. Bought equipment for cash, $60,950. b. Paid $11,900 on the long-term note payable. c. Issued new shares of stock for $36,900 cash. Current Year Prior Year $ 67,850 20,250 26,450 214,450 (63,800) $ 265,200 $ 13,800 5,600 64,500 104,900 76,400 $ 265,200 $ 215,000 112,000 15,450 45,000 $ 42,550 d. Dividends of $10,450 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. $ 66,500 26,450 21,100 153,500 (48,350) $ 219,200 $ 24,300 6,200 76,400 68,000 44,300 $ 219,200

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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