Question: Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31 , current year. The statements are complete except for the statement of

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: Additional Data: a. Bought equipment for cash, $58,950. b. Paid $10,600 on the iongterm note payable. c. Issued new shares of stock for $32,700 cash. d. Dividends of $13,550 were declared and paid. e, Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. \begin{tabular}{|l|r|r|} \hline \multicolumn{1}{|c|}{ SHARP SCREEN FILMS, INCORPORATED } \\ \hline \multicolumn{1}{|c|}{ Statement of Cash Flows } \\ \hline \multicolumn{1}{|c|}{ For the Year Ended December 31, Current Year } \\ \hline Cash flows from operating activities: & & \\ \hline Net income & & \\ \hline Adjustmentstoreconcilenetincometonetcashprovidedbyoperatingactivities: & & \\ \hline Depreciation expense & & \\ \hline Decrease in accounts receivable & & \\ \hline Increase in merchandise inventory & & \\ \hline Decrease in accounts payable & & \\ \hline Decrease in wages payable & & \\ \hline & & \\ \hline Net cash provided by operating activities & & \\ \hline Cash flows from investing activities: & & \\ \hline Cash payments to purchase property and equipment & & \\ \hline & & \\ \hline Cash flows from financing activities: & & \\ \hline Cash payments on long-term note & & \\ \hline Cash payments for dividends & & \\ \hline Cash receipts from issuing stock & & \\ \hline Cash receipts from issuing stock & & \\ \hline Net cash provided by financing activities & & \\ \hline \end{tabular}
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