P12-1 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 12-6 Sharp Screen...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
P12-1 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 12-6 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: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Current Year Prior Year $ 66,950 18,450 $ 66,000 25,150 25,150 212,850 (62,000) $ 261,400 $ 12,200 19,600 152,800 (47,250) $ 216,300 $22,400 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, $60,050. b. Paid $13,000 on the long-term note payable. c. Issued new shares of stock for $35,300 cash. d. Dividends of $10,350 were declared and paid. e. Other expenses all relate to wages. 4,700 5,300 62,500 75,500 102,500 67,200 79,500 45,900 $ 261,400 $ 216,300 $ 208,000 105,000 14,750 44,300 $ 43,950 f. Accounts payable includes only Inventory purchases made on credit. Required: 1. 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. Required: 1. 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. SHARP SCREEN FILMS, INCORPORATED Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Cash flows from investing activities: Cash flows from financing activities: 0 0 0 0 $ 0 P12-1 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 12-6 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: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Current Year Prior Year $ 66,950 18,450 $ 66,000 25,150 25,150 212,850 (62,000) $ 261,400 $ 12,200 19,600 152,800 (47,250) $ 216,300 $22,400 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, $60,050. b. Paid $13,000 on the long-term note payable. c. Issued new shares of stock for $35,300 cash. d. Dividends of $10,350 were declared and paid. e. Other expenses all relate to wages. 4,700 5,300 62,500 75,500 102,500 67,200 79,500 45,900 $ 261,400 $ 216,300 $ 208,000 105,000 14,750 44,300 $ 43,950 f. Accounts payable includes only Inventory purchases made on credit. Required: 1. 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. Required: 1. 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. SHARP SCREEN FILMS, INCORPORATED Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Cash flows from investing activities: Cash flows from financing activities: 0 0 0 0 $ 0
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Calculate the standard entropy change for the following reactions at 25C. Comment on the sign of r S. (a) 2 Al(s) + 3 Cl 2 (g) 2 AlCl 3 (s) (b) 2 CH 3 OH() + 3 O 2 (g) 2 CO 2 (g) + 4 H 2 O(g)
-
In Schedule 14A recently filed with the SEC, the Leadership Development and Compensation Committee of the Home Depot board of directors furnished the information below on executive compensation. Base...
-
Estimate the maximum and minimum thermal conductivity values for a cermet that contains 90 vol% titanium carbide (TiC) particles in a nickel matrix. Assume thermal conductivities of 27 and 67 W/m.K...
-
Diego Garcia owns a chain of travel goods stores. Last year, his sales staff sold 10,000 suitcases at an average sale price of \($150\). Variable expenses were 80% of sales revenue, and the total...
-
Research suggests that romantic background music increases the likelihood that a woman will give her phone number to a man she has just met (Guguen & Jacob, 2010). In the study, women spent time in a...
-
TASKS: pen index.html file and update the comment with your name (firstname lastname), the file name , and todays date (MM/DD/YYYY). Add your name to the paragraph element located within the footer...
-
What is the main indicator used to measure economic growth? a ) Gross Domestic Product ( GDP ) b ) Consumer Price Index ( CPI ) c ) Unemployment Rate d ) Poverty Rate
-
Which of the following is most likely to be an example of fraud? a. The auditor fails to properly determine the reason why so many of the client's customers complain that they have been overcharged....
-
Consider $\mathbb{R}^{2}$ equipped with the discrete metric $$d(x, y)= \begin{cases}1 & \text { if } x eq y \\ 0 & \text { if } x=y\end{cases}$$ where $x$ and $y$ are elements of $\mathbb{R}^{2}$,...
-
Which of the following is more likely to be a foreseeable party? a. A member of the general public, unknown to the auditor, who invests in stock of the auditor's client and relies on the audited...
-
Show that $\mathbb{R}^{n}$ with the usual topology is a Hausdorff space.
-
According to the AICPA Code of Professional Con- duct, a CPA who has a financial interest in a partnership that invests in a client is considered to have a. An indirect financial interest in the...
-
This is what happens at your firm that operates 7days/wk, 52 wks/yr. Your firm uses an average of 2,200 doohickeys every week. The doohickey vendor has signed a contract for the year, doohickey...
-
As of January 1, 2018, Room Designs, Inc. had a balance of $9,900 in Cash, $3,500 in Common Stock, and $6,400 in Retained Earnings. These were the only accounts with balances in the ledger on January...
Study smarter with the SolutionInn App