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The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2021 Net sales Gain on sale of land Total revenuea Еxpenses Cost of goods sold Operating expensen Depreciation expense Interest expense Income tax expense Total expenses $2,410,000 7,500 2,417,500 $1,555,000 596,000 14,000 15,000 61,000 2,241,000 176,500 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Asseta Current assetsi Cash Accounta receivable $ 122,440 66,900 131,500 2,860 566,780 81,000 126,000 4320 Inventory Prepaid rent Long-term assetai Investments Land Equipment Accumulated depreciation 176,000 154,500 212,000 (114,500) 751, 700 100,000 200,000 201.000 (100,500) 678,600 Total aeseta Liabilitien and Stockholders Equity Current liabilitiee Accounta payable Intereet payable Income tax payable Long-term abllittes: Notes payable Stockholdera equityi Common stock Retalned earnings Total liabilitles and stockholders equity 25,500 3,300 31,400 24 79,000 2,10 33,500 255,000 244,000 251,000 185,500 210,000 110,000 478,600 5.751.700 Additional Information for 2021: 1. Purchase additional investment in stocks for $76,00. 2. Sell land costing $45,500 for $53,000, resulting in a $7,500 gain on sale of land. 3. Purchase $11,000 in equipment by issulng a $11,000 long term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $101,000. 5. Issue common stock for $41,000.

The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2021 Net sales Gain on sale of land Total revenuea Еxpenses Cost of goods sold Operating expensen Depreciation expense Interest expense Income tax expense Total expenses $2,410,000 7,500 2,417,500 $1,555,000 596,000 14,000 15,000 61,000 2,241,000 176,500 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Asseta Current assetsi Cash Accounta receivable $ 122,440 66,900 131,500 2,860 566,780 81,000 126,000 4320 Inventory Prepaid rent Long-term assetai Investments Land Equipment Accumulated depreciation 176,000 154,500 212,000 (114,500) 751, 700 100,000 200,000 201.000 (100,500) 678,600 Total aeseta Liabilitien and Stockholders Equity Current liabilitiee Accounta payable Intereet payable Income tax payable Long-term abllittes: Notes payable Stockholdera equityi Common stock Retalned earnings Total liabilitles and stockholders equity 25,500 3,300 31,400 24 79,000 2,10 33,500 255,000 244,000 251,000 185,500 210,000 110,000 478,600 5.751.700 Additional Information for 2021: 1. Purchase additional investment in stocks for $76,00. 2. Sell land costing $45,500 for $53,000, resulting in a $7,500 gain on sale of land. 3. Purchase $11,000 in equipment by issulng a $11,000 long term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $101,000. 5. Issue common stock for $41,000.

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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Required: Prepare the statement of cash flows for Virtual Gaming Systems using the direct method. Disciose any noncash transactions In an accompanying note. (List cash outfiows and any decrease In cash as negative amounts.) VIRTUAL GAMING SYSTEMS Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Net cash flows from operating actvities Cash Flows from Investing Activities: Net cash flows trom 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 Note: Noncash Activities
Transcribed Image Text:Required: Prepare the statement of cash flows for Virtual Gaming Systems using the direct method. Disciose any noncash transactions In an accompanying note. (List cash outfiows and any decrease In cash as negative amounts.) VIRTUAL GAMING SYSTEMS Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Net cash flows from operating actvities Cash Flows from Investing Activities: Net cash flows trom 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 Note: Noncash Activities
The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2021 Net sales Gain on sale of land Total revenuen $2,410,000 7,500 2,417,500 Еxpenseв: Cost of goods sold Operating expensen Depreciation expense Interest expenae Income tax expense Total expenses $1,555,000 596,000 14,000 15,000 61,000 2,241,000 5 176,500 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current asseta: Cash Accounts receivable $ 122,440 66,900 131,500 2,860 S66, 780 81,000 126,000 4320 Inventory Prepaid rent Long-term aBsets: Investments Land 176,000 154,500 212,000 (114,500) $ 751, 700 100,000 200,000 201.000 100,500) 5 678, 60 Equipment Accumulated depreciation Total assets Liabilitien and Stockholders' Equity Current 1iabilities: Accounts payable 25,500 3,300 31,400 79,000 2,100 33,500 Intereet yable Income tax payable Long-term 1labilittes Notes payable Stockholders equityi Common stock Retained earnings Total liabilities and stockholders' equity 255,000 244,000 251,000 185 500 5 751,700 210,000 110,000 E478.600 Additional Information for 2021: 1. Purchase additional investment in stocks for $76,00. 2. Sell land costing $45,500 for $53,000, resulting in a $7,500 galn on sale of land. 3. Purchase $11,000 in equipment by issulng a $1,000 long term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $101,000. 5. Issue common stock for $41.000.
Transcribed Image Text:The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2021 Net sales Gain on sale of land Total revenuen $2,410,000 7,500 2,417,500 Еxpenseв: Cost of goods sold Operating expensen Depreciation expense Interest expenae Income tax expense Total expenses $1,555,000 596,000 14,000 15,000 61,000 2,241,000 5 176,500 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current asseta: Cash Accounts receivable $ 122,440 66,900 131,500 2,860 S66, 780 81,000 126,000 4320 Inventory Prepaid rent Long-term aBsets: Investments Land 176,000 154,500 212,000 (114,500) $ 751, 700 100,000 200,000 201.000 100,500) 5 678, 60 Equipment Accumulated depreciation Total assets Liabilitien and Stockholders' Equity Current 1iabilities: Accounts payable 25,500 3,300 31,400 79,000 2,100 33,500 Intereet yable Income tax payable Long-term 1labilittes Notes payable Stockholders equityi Common stock Retained earnings Total liabilities and stockholders' equity 255,000 244,000 251,000 185 500 5 751,700 210,000 110,000 E478.600 Additional Information for 2021: 1. Purchase additional investment in stocks for $76,00. 2. Sell land costing $45,500 for $53,000, resulting in a $7,500 galn on sale of land. 3. Purchase $11,000 in equipment by issulng a $1,000 long term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $101,000. 5. Issue common stock for $41.000.
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