Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided.Net salesExpenses:Cost of goods soldOperating expensesDepreciation expenseLoss on sale of landInterest expenseIncome tax expenseTotal expensesNet incomeAssetsCurrent assets:CashVIDEO PHONES, INCORPORATEDIncome StatementFor the Year Ended December 31, 2024Accounts receivableInventoryPrepaid rentLong-term assets:InvestmentsLandAssetsCurrent assets:CashAccounts receivableInventoryPrepaid rent.Long-term assets:InvestmentsLandEquipmentAccumulated depreciation$1,800,000828,00024,0007,70013,50045,000$2,886,000VIDEO PHONES, INCORPORATEDBalance SheetsDecember 31Total assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payable2,718,200$ 167,800VIDEO PHONES, INCORPORATEDBalance SheetsDecember 31Income tax payable.Long-term liabilities:Notes payableStockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equity2024Show Transcribed Text$196,62077,700105,00010,080102,000207,0002024$196,62077,700105,00010,080102,000207,000264,000(65,400)$897,000$ 63,3005,70014,700279,0002023270,000264,300$897,000$119,46057,000132,0005,040234,0002023$119,46057,000132,0005,0400234,000207,000(41,400)$713,100$ 78,00019,40013,700222,000270,000120,000$713,100 Additional Information for 2024:1. Purchased investment in bonds for $102,000.2. Sold land for $19,300. The land originally was purchased for $27,000, resulting in a $7,700 loss being recorded at the time of thesale3. Purchased $57,000 in equipment by issuing a $57,000 long-term note payable to the seller. No cash was exchanged in thetransaction4. Declared and paid a cash dividend of $23,500.Required:Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note.(Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.)

Statement of Cash Flow is the part of the financial statement of an entity that shows the movement…

The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land $1,800,000 828,000 24,000 7,700 13,500 45,000 $2,886,000 2,718,200 $ 167,800 VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 $196,620 77,700 105,000 10,080 102,000 2023 $119,460 57,000 132,000 5,040

The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land $1,800,000 828,000 24,000 7,700 13,500 45,000 $2,886,000 2,718,200 $ 167,800 VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 $196,620 77,700 105,000 10,080 102,000 2023 $119,460 57,000 132,000 5,040

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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