The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS...
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The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $113,500 78,800 97,000 4,400 $125,600 93,000 81,800 2,200 490,000 798,000 (430,000) $1,151,700 490,000 680,000 (272,000) $1,200,600 Interest payable $101,000 $86,800 6,300 12,600 8,400 5,200 105,000 210,000 710,000 710,000 221,000 176,000 $1,151,700 $1,200,600 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Net Income is $71,000. 2. The company purchases $118,000 in equipment No equipment was sold. 3. Depreciation expense is $158,000. 4. The company repays $105,000 in notes payable. 5. The company declares and pays a cash dividend of $26,000. Required: Prepare the statement of cash flows using the Indirect method. (Amounts to be deducted, cash outflows, and any decrease in cash should be Indicated with a minus sign.) The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $113,500 78,800 97,000 4,400 $125,600 93,000 81,800 2,200 490,000 798,000 (430,000) $1,151,700 490,000 680,000 (272,000) $1,200,600 Interest payable $101,000 $86,800 6,300 12,600 8,400 5,200 105,000 210,000 710,000 710,000 221,000 176,000 $1,151,700 $1,200,600 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Net Income is $71,000. 2. The company purchases $118,000 in equipment No equipment was sold. 3. Depreciation expense is $158,000. 4. The company repays $105,000 in notes payable. 5. The company declares and pays a cash dividend of $26,000. Required: Prepare the statement of cash flows using the Indirect method. (Amounts to be deducted, cash outflows, and any decrease in cash should be Indicated with a minus sign.)
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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