a tor ChS$-330-41-$Latina$/$o ldentities in U$.$S$.-42921$

M Reading Mode: Chapter $1$: Financial Statements and Business Decisi...

M Question $1-$ Final exam $-$ Fall $2028-$ Can

inal exam $-$ Fall $2023$ i

Saved

$1$

$01$:$48$:$00$

$01$:$48$:$00$

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, $$61,150.$

b$.$ Paid $$12,400$ on the long$-$term note payable.

c$.$ Issued new shares of stock for $$36,300$ cash.

d$.$ Dividends of $$10,550$ were declared and paid.

e$.$ Other expenses all relate to wages.

f$.$ Accounts payable includes only inventory purchases made on credit.

Required:

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.

Prev

$1$ of $17$

Next