Save & Exit Submit Question 2 (of 3) 2. velue 33.33 points Sharp Screen Fims, Inc., is developing its annual fnancial 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 Pricr Year Balance sheet at December 31 Cash Accounts receivable Merchandse inventory Property and equipment Less: Accumulated depreciation s 65.950 16.050 23.250 209,350 (60,100) $256,100 $ 9.800 3.000 61,300 99,800 S 64.400 23,250 18,400 151,900 (46,150) $ 211,800 $ 20.000 3.200 Accounts payable Wages payable Note payable, long-term Contributed capital Retained eamings 72.100 66.300 50.200 $ 211,800 81,100 $ 255,100 Income staterment for current year Sales $199.000 96.000 Cost of goods soid Depreciation expanse Ofher expenses Net income 13.950 43.400 $ 45,650 Additional Data: Bought equipment for cash, $58,050. b. Paid $10,800 on the long-term note payable. C. Issued new shares of stock for $33,500 cash. d. Dividends of $14,750 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. a. Required: 1. Prepare the statement of cash flows using the indirect method for the year ended December 31, current year. (List cash outflows as negative amounts.) SHARP SCREEN FILMS, INC. 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