Exercise 11-10A Prepare a statement of cash flowsindirect method (LO11-3, 11-4, 11-5)

The balance sheets for Plasma Screens Corporation, along with additional information, are provided below:

PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020
	2021				2020
Assets
Current assets:
Cash	$	112,700			$	131,800
Accounts receivable		81,200				96,000
Inventory		103,000				87,200
Prepaid rent		5,600				2,800
Long-term assets:
Land		520,000				520,000
Equipment		822,000				710,000
Accumulated depreciation		(436,000	)			(284,000	)
Total assets	$	1,208,500			$	1,263,800
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	107,000			$	92,200
Interest payable		6,900				13,800
Income tax payable		9,600				5,800
Long-term liabilities:
Notes payable		115,000				230,000
Stockholders' equity:
Common stock		740,000				740,000
Retained earnings		230,000				182,000
Total liabilities and stockholders' equity	$	1,208,500			$	1,263,800

Additional Information for 2021:

1. Net income is $77,000.
2. The company purchases $112,000 in equipment.
3. Depreciation expense is $152,000.
4. The company repays $115,000 in notes payable.
5. The company declares and pays a cash dividend of $29,000.

Required: Prepare the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)

Exercise 11-10A Prepare a statement of cash flows-Indirect method (LO11-3, 11-4, 11-5) The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 131,800 Accounts receivable $ 112,700 81,200 103,000 96,000 Inventory 87,200 2,800 Prepaid rent 5,600 Long-term assets: Land 520,000 520,000 Equipment 822,000 710,000 Accumulated depreciation (436,000) (284,000) Total assets $1,208,500 $1,263,808 Liabilities and Stockholders' Equity Current liabilities: $ 107,000 $ 92,200 13,800 Accounts payable Interest payable Income tax payable Long-term liabilities: 6,900 9,600 5,800 115,000 230,000 Notes payable Stockholders' equity: Common stock 740,000 740,000 Retained earnings. 230,000 182,000 Total liabilities and stockholders' equity $1,208,500 $1,263,800 Additional Information for 2021: 1. Net income is $77,000. 2. The company purchases $112,000 in equipment. 3. Depreciation expense is $152,000. 4. The company repays $115,000 in notes payable. 5. The company declares and pays a cash dividend of $29,000. Required: Prepare the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash as negative amounts.) PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period