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 2024 $142,950 76,800 92,000 3,400 465,000 762,000 (421,000) $1,121,150 $96,000 6,750 7,400 112,500 685,000 213,500 $1,121,150 Additional Information for 2024: 1. Net income is $66,000. 2. The company purchases $107,000 in equipment. No equipment was sold. 3. Depreciation expense is $159,000. 4. The company repays $112,500 in notes payable. 5. The company declares and pays a cash dividend of $23,500. 2023 $154,000 90,500 77,300 1,700 465,000 655,000 (262,000) $1,181,500 $82,300 13,500 4,700 225,000 685,000 171,000 $1,181,500 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.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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PLASMA SCREENS CORPORATION
Statement of Cash Flows
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
$
0
0
0
0
Transcribed Image Text:PLASMA SCREENS CORPORATION Statement of Cash Flows 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 $ 0 0 0 0
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
3. Depreciation expense is $159,000.
4. The company repays $112,500 in notes payable.
5. The company declares and pays a cash dividend of $23,500.
2024
$142,950
76,800
92,000
3,400
465,000
762,000
(421,000)
$1,121,150
$96,000
6,750
7,400
Additional Information for 2024:
1. Net income is $66,000.
2. The company purchases $107,000 in equipment. No equipment was sold.
112,500
685,000
213,500
$1,121,150
2023
$154,000
90,500
77,300
1,700
465,000
655,000
(262,000)
$1,181,500
$82,300
13,500
4,700
225,000
685,000
171,000
$1,181,500.
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.)
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 3. Depreciation expense is $159,000. 4. The company repays $112,500 in notes payable. 5. The company declares and pays a cash dividend of $23,500. 2024 $142,950 76,800 92,000 3,400 465,000 762,000 (421,000) $1,121,150 $96,000 6,750 7,400 Additional Information for 2024: 1. Net income is $66,000. 2. The company purchases $107,000 in equipment. No equipment was sold. 112,500 685,000 213,500 $1,121,150 2023 $154,000 90,500 77,300 1,700 465,000 655,000 (262,000) $1,181,500 $82,300 13,500 4,700 225,000 685,000 171,000 $1,181,500. 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.)
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