3 The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL...

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3 The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 $2,410,000 7,500 2,417,500 $1,555,000 596,000 14,000 15,000 61,000 2,241,000 $176,500 5 points Skipped eBook Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Print Net income References VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2024 2823 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent $122,440 $66,780 66,980 81,000 131,500 126,000 2,860 4,320 Long-tern assets: Investments 176,000 100,000 Land 154,500 200,000 Equipment 212,000 201,000 Accumulated depreciation (114,500) (100,500) Total assets $751,700 $678,600 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable $25,500 $79,000 3,300 2,100 31,400 33,500 Long-term liabilities: 5 3 points Skipped Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: $25,500 3,300 $79,000 2,100 31,400 33,500 255,000 244,000 251,000 210,000 185,500 $751,700 110,000 $678,600 eBook 1. Purchased additional investment in stocks for $76,000. Print References 2. Sold land for $53,000. The land originally was purchased for $45,500, resulting in a $7,500 gain being recorded at the time of the sale. 3. Purchased $11,000 in equipment by issuing a $11,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $101,000. 5. Issued common stock for $41,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) Cash Flows from Operating Activities: VIRTUAL GAMING SYSTEMS Statement of Cash Flows For the Year Ended December 31, 2024 Adjustments to reconcile net income to net cash flows from operating activities: Mc !!! 3 The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 $2,410,000 7,500 2,417,500 $1,555,000 596,000 14,000 15,000 61,000 2,241,000 $176,500 5 points Skipped eBook Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Print Net income References VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2024 2823 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent $122,440 $66,780 66,980 81,000 131,500 126,000 2,860 4,320 Long-tern assets: Investments 176,000 100,000 Land 154,500 200,000 Equipment 212,000 201,000 Accumulated depreciation (114,500) (100,500) Total assets $751,700 $678,600 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable $25,500 $79,000 3,300 2,100 31,400 33,500 Long-term liabilities: 5 3 points Skipped Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: $25,500 3,300 $79,000 2,100 31,400 33,500 255,000 244,000 251,000 210,000 185,500 $751,700 110,000 $678,600 eBook 1. Purchased additional investment in stocks for $76,000. Print References 2. Sold land for $53,000. The land originally was purchased for $45,500, resulting in a $7,500 gain being recorded at the time of the sale. 3. Purchased $11,000 in equipment by issuing a $11,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $101,000. 5. Issued common stock for $41,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) Cash Flows from Operating Activities: VIRTUAL GAMING SYSTEMS Statement of Cash Flows For the Year Ended December 31, 2024 Adjustments to reconcile net income to net cash flows from operating activities: Mc !!!