Data for Video Phones, Inc., are provided in P114A. In P114A, The income statement, balance sheets, and
Question:
In P114A, The income statement, balance sheets, and additional information for Video Phones, Inc., are provided.
Required:
Prepare the statement of cash flows for Video Phones, Inc., using the direct method. Disclose any noncash transactions in an accompanyingnote.
Transcribed Image Text:
VIDEO PHONES, INC. Income Statement For the year ended December 31, 2015 $3,636,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $2,450,000 958,000 37,000 9,000 20,000 58,000 Total expenses 3,532,000 $ 104,000 Net income VIDEO PHONES, INC. Balance Sheets December 31 2015 2014 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent S 254,600 92,000 105,000 14,400 $227,800 70,000 145,000 7,200 Long-term assets: nvestments Land Equipment Accumulated depreciation 115,000 220,000 290,000 260,000 220,000 (44,000) $886,000 Total assets $1,010,000 Liabilities and Stockholders Equi Current liabilities: Accounts payable Interest payable Income tax payable $ 75,000 7,000 16,000 $91,000 12,000 15,000 Long-term liabilities: Notes payable 305,000 235,000 Stockholders' equity: Common stock Retained earnings 400,000 207,000 $1,010,000 400,000 133,000 $886,000 Total liabilities and stockholders' equity
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (12 reviews)
Video Phones Inc Statement of Cash Flows For the Year Ended December 31 2015 Cash Flows from Operati...View the full answer
Answered By
Sultan Ghulam Dastgir
The following are details of my Areas of Effectiveness English Language Proficiency, Organization Behavior , consumer Behavior and Marketing, Communication, Applied Statistics, Research Methods , Cognitive & Affective Processes, Cognitive & Affective Processes, Data Analysis in Research, Human Resources Management ,Research Project,
Social Psychology, Personality Psychology, Introduction to Applied Areas of Psychology,
Behavioral Neurosdence , Historical and Contemporary Issues in Psychology, Measurement in Psychology, experimental Psychology,
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Question Posted:
Students also viewed these Managerial Accounting questions
-
Prepare the statement of cash flows under the direct method for the Snail Company using the information from P6- 9 and the following cash flow information: In P6-9 Snall Company Balance Sheet At...
-
Prepare the statement of cash flows under the direct method for Easth off, Incorporated using the information from P6- 13 and the following cash flow information: In P6-13 Easthoff, Incorporated...
-
Prepare a statement of cash flows of Cedar Company using the indirect method Additional Data: 1. Net income for the year amounted to $104,000. 2. Cash dividends were paid amounting to 4% of par...
-
Answer the following questions. a. Office Store has assets equal to $123,000 and liabilities equal to $47,000 at year-end. What is the total equity for Office Store at year-end? b. At the beginning...
-
Critics of "new accounting" for federal budget deficits argue that it does not matter what the government spends the money for. What matters is the total amount that the government spends minus taxes...
-
Upon impact, bicycle helmets compress, thus lowering the potentially dangerous acceleration experienced by the head. A new kind of helmet uses an airbag that deploys from a pouch worn around the...
-
The rise of portable electronic devices such as laptops and smart phones is made possible in part by the availability of lithium ion battery technology. Unfortunately, in some cases these batteries...
-
Consider FASB standards for accounting for contributions and answer the following: a. Outline revenue recognition criteria for resources restricted for (1) Time and (2) Purpose. b. Describe the...
-
4. 5. In which of following conditions a real gas would behave ideally? (a) Low pressure and low temperature ha (b) At value of temperature equal to its Boyle's temperature (c) Between its critical...
-
1. Which aspect of the French revolution most disturbed commentators? 2. How would you align each of these writers on a spectrum running from extreme right to extreme left in politics? 3. How would...
-
Refer to the information provided in P113A for Alliance Technologies. In P113A, Portions of the financial statements for Alliance Technologies are provided below. Portions of the financial statements...
-
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). Required: Complete the following income statement...
-
Ogonquit Enterprises prepares annual financial statements and adjusts its accounts only at the end of the year. The following information is available for the year ended December 31, 2010: a....
-
Since 1989, many central banks have adopted inflation targeting as a strategy for conducting monetary policy. What is inflation targeting? What influence do the following decisions have on inflation?...
-
Moving sidewalks are commonplace at large airports, but you must use caution getting on and off them. What should you do to make the transition easy when stepping onto one of these sidewalks? When...
-
You hit a pitched baseball with a bat. In which reference frame is the translational (nonconvertible) kinetic energy greater: the reference frame in which the bat is at rest immediately before the...
-
Consider an isolated object at rest in space. The object contains internal energy in some form or another. Is it-in principle-possible to convert the internal energy to kinetic energy so that the...
-
You drop your keys in a high-speed elevator going up at a constant speed. Do the keys accelerate faster toward the elevator floor than they would \((a)\) if the elevator were not moving? (b) if the...
-
Water pressure inside a hose nozzle can be less than atmospheric pressure due to the Bernoulli effect. Explain in terms of energy how the water can emerge from the nozzle against the opposing...
-
Determine the optimal use of Applichem's plant capacity using the Solver in Excel.
-
The key element in object-oriented technology is its potential for reusability. Martin Fowler, the chief scientist at Thought Works, is a leader in the use of design patterns and has written numerous...
-
Fantastic Sounds Corp., an electric guitar retailer, was organized by Pam Mikhail, Jane Lo, and Dale Nadal. The charter authorized 400,000 shares of common stock with a par of $50. The following...
-
Wildwood Nursery, with an authorization of 50,000 shares of preferred stock and 400,000 shares of common stock, completed several transactions involving its stock on June1, the first day of...
-
Baird Products Inc., a wholesaler of office products, was organized on January 30 of the current year, with an authorization of 80,000 shares of 2% preferred stock, $75 par and 800,000 shares of $20...
-
Hi, could someone please help me with this. I need the letter to be nearly two hundred words. This is the assignment below: You are an architect who is working for Dream Homes Company in Toronto....
-
Discussion Board Post - Read the speech example from the textbook below. Then answer the questions in blood at the bottom. "As a veterinarian and owner of a small-animal practice, you work closely...
-
The Essentials of Technical Communication (Tebeaux & Dragga), Oxford U. Press, Third Edition - I. Please explain how a proposal is an argumentative or persuasive piece of writing -- and the four key...
Study smarter with the SolutionInn App