Computer Service and Repair was started five years ago by two college roommates The companys comparative balance sheets and income statement are presented below, along with additional information 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 $ 66,650 $ 65,000 Accounts receivable 16,950 23,750 Merchandise inventory 23,750 18,800 Property and equipment 211,050 153,200 Less Accumulated depreciation (60,700 ) (46,650 ) $ 257,700 $ 214,100 Accounts payable $ 10,700 $ 21,000 Wages payable 3,900 4,300 Note payable, long term 61,900 73,400 Common stock and additional paid in capital 100,800 66,600 Retained earnings 80,400 48,800 $ 257,700 $ 214,100 Income statement for current year Sales $ 202,000 Cost of goods sold 99,000 Depreciation expense 14,050 Other expenses 43,700 Net income $ 45,250 Additional Data Bought equipment for cash, $57,850 Paid $11,500 on the long term note payable Issued new shares of stock for $34,200 cash Dividends of $13,650 were declared and paid Other expenses all relate to wages Accounts payable includes only inventory purchases made on credit 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 ) Additional Data a Prepaid expenses relate to rent paid in advance b Other expenses were paid in cash c Purchased equipment for $610 cash at the beginning of the current year and recorded $115 of depreciation expense at the end of the current year d At the end of the current year, the company signed a short term note payable to the bank for $235 Required Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method (List cash outflows as negative amounts )

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Computer Service and Repair was started five years ago by two college roommates. The companys comparative balance sheets and income statement are presented below, along

Computer Service and Repair was started five years ago by two college roommates. The companys comparative balance sheets and income statement are presented below, along with additional information.

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	$	66,650		$	65,000
Accounts receivable		16,950			23,750
Merchandise inventory		23,750			18,800
Property and equipment		211,050			153,200
Less: Accumulated depreciation		(60,700	)		(46,650	)
	$	257,700		$	214,100
Accounts payable	$	10,700		$	21,000
Wages payable		3,900			4,300
Note payable, long-term		61,900			73,400
Common stock and additional paid-in capital		100,800			66,600
Retained earnings		80,400			48,800
	$	257,700		$	214,100
Income statement for current year
Sales	$	202,000
Cost of goods sold		99,000
Depreciation expense		14,050
Other expenses		43,700
Net income	$	45,250

Additional Data:

Bought equipment for cash, $57,850.
Paid $11,500 on the long-term note payable.
Issued new shares of stock for $34,200 cash.
Dividends of $13,650 were declared and paid.
Other expenses all relate to wages.
Accounts payable includes only inventory purchases made on credit.

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.)

Additional Data:

a. Prepaid expenses relate to rent paid in advance.

b. Other expenses were paid in cash.

c. Purchased equipment for $610 cash at the beginning of the current year and recorded $115 of depreciation expense at the end of the current year.

d. At the end of the current year, the company signed a short-term note payable to the bank for $235.

Required:

Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. (List cash outflows as negative amounts.)