1.48 points eBook Print References P12-1 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 12-6 Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income Additional Data: a. Bought equipment for cash, $61,150. b. Paid $12,400 on the long-term note payable. c. Issued new shares of stock for $36,300 cash. d. Dividends of $10,550 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. Current Year BLADO COPREN Ell ARD ILLC $ 66,950 19,550 25,850 213,850 (63,000) $263,200 $ 13,300 5,300 63,700 104,000 76,900 $263,200 $212,000 109,000 15,150 44,700 $ 43,150 Prior Year $ 66,100 25,850 20,500 152,700 (47,850) $217,290 $ 23,600 5,600 76,100 67,700 44,300 $217,300 Required: 1. Prepare the statement of cash flows using the Indirect method for the year ended December 31, current year. (List cash outflows as negative amounts.) ***

P12-1 (Algo) Preparing a Statement of Cash Flowis (Indirect Method) LO12-1, 12-2, 12-4, 12-6 pucept for the statement of cash flows. The completed comparative balance thects and income satement are taimmarized an folows Aowionai Data! a tougti equ omen forcash, $61350 a. tiougtit equpmera forcash, $61350. b. Paid $2.400 on the iong-terrs note porable. d. OMldends of 510.550 were deciered and peid e. Other expenset all relate to waged Required: negagive ampunts. negative armourts P12-1 (Algo) Preparing a Statement of Cash Flowis (Indirect Method) LO12-1, 12-2, 12-4, 12-6 pucept for the statement of cash flows. The completed comparative balance thects and income satement are taimmarized an folows Aowionai Data! a tougti equ omen forcash, $61350 a. tiougtit equpmera forcash, $61350. b. Paid $2.400 on the iong-terrs note porable. d. OMldends of 510.550 were deciered and peid e. Other expenset all relate to waged Required: negagive ampunts. negative armourts