The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. Required: Prepare the
Question:
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided.
Required:
Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note.
Transcribed Image Text:
Net sales Expenses: VIDEO PHONES, INC. Income Statement For the year ended December 31, 2024 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 Equipment Accumulated depreciation Total assets. $2,450,000 958,000 37,000 9,000 20,000 58,000 VIDEO PHONES, INC. Balance Sheets December 31 $3,636,000 2024 3,532,000 $104,000 $ 254,600 92,000 105,000 14,400 115,000 220,000 290,000 (81,000) $1,010,000 2023 $227,800 70,000 145,000 7,200 0 260,000 220,000 (44,000) $886,000
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