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The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Incore Statement Far the Year Ended Decerber 31, 2021 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses $3,236, 000 $2,100,000 888, eee 30,000 8,300 16, see 51,eee 3,093, s00 Net incone $ 142, 200 VIDEO PHONES, INC. Balance Sheets Decenber 31 2021 2020 Assets Current assets: Cash $ 226,580 84,300 1a5, eee 12,720 $169,148 63,e00 138, e00 6,360 Accounts receivable Inventory Prepaid rent Lang -term assets: Investments 108, e0e 213,000 276, 000 Land Equipnent Accumulated depreciation Total assets 246, e00 213, e0e (72,6ae) $ 953, 000 (42,600) $792,900 Liabilities and Stackholders Equity Current liabilities: $ 68,700 6, 300 15, 300 $ 84, 000 10,600 14,300 Accounts payable Interest payable Income tax payable Lang tern liabilities: Notes payable Stockholders' equity: Comnon stock Retained earnings 291,000 228, e00 330, e0e 241,700 $ 953, eee 330, eee 126,200 $792,900 Total liabilities and stockholders' equity Additional Information for 2021: 1. Purchase investment in bonds for $108,000. 2 Sell land costing $33,000 for only $24,700, resulting in a $8,300 loss on sale of land. 3. Purchase $63,000 in equipment by issuing a $63,000 long-term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $26,500.

The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Incore Statement Far the Year Ended Decerber 31, 2021 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses $3,236, 000 $2,100,000 888, eee 30,000 8,300 16, see 51,eee 3,093, s00 Net incone $ 142, 200 VIDEO PHONES, INC. Balance Sheets Decenber 31 2021 2020 Assets Current assets: Cash $ 226,580 84,300 1a5, eee 12,720 $169,148 63,e00 138, e00 6,360 Accounts receivable Inventory Prepaid rent Lang -term assets: Investments 108, e0e 213,000 276, 000 Land Equipnent Accumulated depreciation Total assets 246, e00 213, e0e (72,6ae) $ 953, 000 (42,600) $792,900 Liabilities and Stackholders Equity Current liabilities: $ 68,700 6, 300 15, 300 $ 84, 000 10,600 14,300 Accounts payable Interest payable Income tax payable Lang tern liabilities: Notes payable Stockholders' equity: Comnon stock Retained earnings 291,000 228, e00 330, e0e 241,700 $ 953, eee 330, eee 126,200 $792,900 Total liabilities and stockholders' equity Additional Information for 2021: 1. Purchase investment in bonds for $108,000. 2 Sell land costing $33,000 for only $24,700, resulting in a $8,300 loss on sale of land. 3. Purchase $63,000 in equipment by issuing a $63,000 long-term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $26,500.

FINANCIAL ACCOUNTING
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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The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Incore Statement Far the Year Ended Decerber 31, 2021 Net sales $3,236, e00 Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land $2, 180,e00 888,eee 30,eee 8,300 16, 500 51,000 Interest expense Income taх ехреnse Total expenses 3,093, 80e Net incone $ 142,200 VIDEO PHONES, INC. Balance Sheets Decenber 31 2021 2020 Assets Current assets: Cash $ 226, 580 84,300 105, e00 12,720 $169,148 63, e00 138, 000 6, 368 Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equiprent Accumulated depreciation 188, e00 213,e00 276, 000 246, B00 213,e00 (42,608) (72,680) $ 953, 800 Total assets $792,900 Liabilities and Stockholders' iquity Current liabilities: $ 68,700 6,300 $ 84, e00 Accounts payable Interest payable Income tax payable Lang tern liabilities: Notes payable Stockholders' equity: 18,600 14,300 15,380 291, 000 228, e00 Common stock 330, e00 Retained earnings 330,e00 241,700 126, e00 Total liabilitics and stockholders' equity $ 953, e00 $792,900 Additional Information for 2021: 1. Purchase investment in bonds for $108,000. 2 Sell land costing $33,000 for only $24,700, resulting in a $8,300 loss on sale of land. 3. Purchase $63,000 in equipment by issuing a $63,000 long-term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $26,500.
Transcribed Image Text:The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Incore Statement Far the Year Ended Decerber 31, 2021 Net sales $3,236, e00 Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land $2, 180,e00 888,eee 30,eee 8,300 16, 500 51,000 Interest expense Income taх ехреnse Total expenses 3,093, 80e Net incone $ 142,200 VIDEO PHONES, INC. Balance Sheets Decenber 31 2021 2020 Assets Current assets: Cash $ 226, 580 84,300 105, e00 12,720 $169,148 63, e00 138, 000 6, 368 Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equiprent Accumulated depreciation 188, e00 213,e00 276, 000 246, B00 213,e00 (42,608) (72,680) $ 953, 800 Total assets $792,900 Liabilities and Stockholders' iquity Current liabilities: $ 68,700 6,300 $ 84, e00 Accounts payable Interest payable Income tax payable Lang tern liabilities: Notes payable Stockholders' equity: 18,600 14,300 15,380 291, 000 228, e00 Common stock 330, e00 Retained earnings 330,e00 241,700 126, e00 Total liabilitics and stockholders' equity $ 953, e00 $792,900 Additional Information for 2021: 1. Purchase investment in bonds for $108,000. 2 Sell land costing $33,000 for only $24,700, resulting in a $8,300 loss on sale of land. 3. Purchase $63,000 in equipment by issuing a $63,000 long-term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $26,500.
VIDEO PHONES, INC. statement of Caah Flowe For the Year Ended December 31, 2021 Cash Flaws from Operating Activities: Adjustments to reconcile net income to net cash flows fram operating activities: Net cash flows from operating activities Cash Flaws from Investing Activities: Net cash flows from investing activities Cash Flaws from Financing Activities: Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Nate: Nancash Activities
Transcribed Image Text:VIDEO PHONES, INC. statement of Caah Flowe For the Year Ended December 31, 2021 Cash Flaws from Operating Activities: Adjustments to reconcile net income to net cash flows fram operating activities: Net cash flows from operating activities Cash Flaws from Investing Activities: Net cash flows from investing activities Cash Flaws from Financing Activities: Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Nate: Nancash Activities
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