Chapter $12$ Homework $i$

$4$

Sharp Screen Films, Incorporated, 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:

$1\mathrm{.}48$ points

$\backslash$table$[[$Balance sheet at December $31,$Current Year,Prior Year$],[$Cash$,$$$66,950,$$$65,900],[$Accounts receivable,$18,250,25,050],[$Merchandise inventory,$25,050,19,400],[$Property and equipment,$212,450,152,700],[$Less: Accumulated depreciation,$(61,700),(47,150)],[,$$$261,000,$$$215,900],[$Accounts payable,$$12,100,$$$22,200],[$Wages payable,$4,600,5,100],[$Note payable, long$-$term,$62,400,75,000],[$Common stock and additional paid$-$in capital,$102,100,67,100],[$Retained earnings,$79,800,46,500],[,$$$261,000,$$$215,900],[$Income statement for current year,,$],[$Sales$,,],[$Cost of goods sold,,$],[$Depreciation expense,$104,000,],[$Other expenses,$14,550,],[$Net income,$44,200,],[,,]]$

Additional Data:

a$.$ Bought equipment for cash, $$59,750.$

b$.$ Paid $$12,600$ on the long$-$term note payable.

c$.$ Issued new shares of stock for $$35,000$ cash.

d$.$ Dividends of $$10,950$ 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 $31,$ current year.

Note: List cash outflows as negative amounts.