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Sharp Screen Films, Inc., 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

	Current Year				Prior Year
Balance sheet at December 31
Cash	$	66,950			$	65,100
Accounts receivable		17,450				23,950
Merchandise inventory		23,950				18,900
Property and equipment		211,350				153,300
Less: Accumulated depreciation		(60,900	)			(46,750	)
	$	258,800			$	214,500
Accounts payable	$	11,000			$	21,200
Wages payable		4,000				4,600
Note payable, long-term		62,000				73,700
Contributed capital		101,100				66,700
Retained earnings		80,700				48,300
	$	258,800			$	214,500
Income statement for current year
Sales	$	203,000
Cost of goods sold		100,000
Depreciation expense		14,150
Other expenses		43,800
Net income	$	45,050
Additional Data: Bought equipment for cash, $58,050. Paid $11,700 on the long-term note payable. Issued new shares of stock for $34,400 cash. Dividends of $12,650 were declared and paid. Other expenses all relate to wages. Accounts payable includes only inventory purchases made on credit. Statement of Cash Flows for the Year Ended December 31, Current Year Prepare the statement of cash flows using the indirect method for the year ended December 31, current year. (List cash outflows as negative amounts.) 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:

Current Year Prior Year at December 31 66,950 17,450 23,950 211,350 (60,900 2 Merchandise 153,300 Accumulated 11,000 4,000 62,000 7 101,100 80,700 3 2