Saved 2 pints eBook Print Problem 11-4A Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. Net sales Expenses: VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $2,150,000 898,000 31,000 8,400 17,000 52,000 $3,336,000 3,156,400 $ 179,600 References Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land VIDEO PHONES, INC. Balance Sheets December 31 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable 2021 2020 $ 273,440 $177,520 85,400 Y64,000 105,000 X139,000 12,960 6,480 109,000 214,000 248,000 278,000 214,000 (73,800) (42,800) $1,004,000 $806,200 Interest payable 69,600 6,400 $ 85,000 10,800 Income tax payable 15,400 14,400 Long-term liabilities: Notes payable 293,000 229,000 Stockholders' equity: Common stock 340,000 340,000 Retained earnings 279,600 127,000 Total liabilities and stockholders' equity $1,004,000 $806,200 < Prev 2 of 3 Next >