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for this third picture^ i played around with the options and got these correct, these are the option from the drop down menu: Sharp Screen
for this third picture^ i played around with the options and got these correct, these are the option from the drop down menu:
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 Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation $ 69,350 17,450 23,950 211,350 (60,900) $261,200 $ 11,000 2,300 57,480 101,100 Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings $ 65, 100 23,950 18,900 151,400 (46,750) $212,600 $ 21,200 6,000 73,700 66,700 45,000 $212,600 89, 320 $261,200 Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income $203,000 100,000 14,150 43,800 $ 45,050 Additional Data: a. Bought equipment for cash, $59,950. b. Paid $16,220 on the long-term note payable. c. Issued new shares of stock for $34,400 cash. d. Dividends of $730 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. Required: 1. Prepare the statement of cash flows using the direct 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: O 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0 $ 0 SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: 0 Net cash provided by operating activities Cash flows from investing activities: Cash payments to purchase property and equipment 0 Cash flows from financing activities: Cash payments for dividends Cash payments on long-term note Cash receipts from issuing stock OOO 0 Net cash provided by financing activities Net increase in cash during the year Cash balance, January 1, current year Cash balance, December 31, current year $ 0 Cash payments for dividends Cash payments on long-term note Cash payments to purchase property and equipment Cash receipts from issuing stock Decrease in accounts payable Decrease in accounts receivable Decrease in merchandise inventory Decrease in wages payable Depreciation expense Increase in accounts payable Increase in accounts receivable Increase in merchandise inventory Depreciation expense Increase in accounts payable Increase in accounts receivable Increase in merchandise inventory Increase in wages payable Cash payments to purchase property and equipment Cash receipts from issuing stock Collections from customers Payments for wages Payments to suppliersStep by Step Solution
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