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
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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