Additional Data: a . Bought equipment for cash, $ 4 8 , 9 0 0 . b
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Question:
Additional Data:
a Bought equipment for cash, $
b Paid $ on the longterm note payable.
c Issued new shares of stock for $ cash.
d Dividends of $ were declared and paid.
e Other expenses all relate to wages.
f Accounts payable includes only inventory purchases made on credit.
Required:
Prepare the statement of cash flows using the indirect method for the year ended December current year.
Note: List cash outflows as negative amounts.
Answer is complete but not entirely correct.
tableSHARP SCREEN FILMIS, INCORPORATEDStatement of Cash FlowsFor the Year Ended December Current YearCash flows from operating activities:Net income,$
PStatic Preparing a Statement of Cash Flows Indirect Method LO
Sharp Screen Films, Incorporated, is developing its annual financial statements at December 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 Cash
Accounts receivable
Merchandise inventory
Property and equipment
Less: Accumulated depreciation
Accounts payable
Wages payable
Note payable, longterm
Common stock and additional paidin 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, $
b Paid $ on the longterm note payable.
c Issued new shares of stock for $ cash.
d Dividends of $ were declared and paid.
e Other expenses all relate to wages.
Accounts payable includes only inventory purchases made on credit.
Required:
Prepare the statement of cash flows using the indirect method for the year ended December current year.
Note: List cash outflows as negative amounts.
tableSHARP SCREEN FILMS, INCORPORATEDStatement of Cash FlowsFor the Year Ended December Current YearCash flows from operating activities:Net income,,$
Related Book For
Intermediate Algebra
ISBN: 9780134895987
13th Edition
Authors: Margaret Lial, John Hornsby, Terry McGinnis
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