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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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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