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i just need the cash payments to purchase property and equipment value Sharp Screen Films, Inc., is developing its annual financial statements at December 31,
i just need the "cash payments to purchase property and equipment" value
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 Accounts payable Wages payable Note payable, long term Common stock and additional paid in capital Retained earnings $ 69,750 17,950 24,450 211,950 (61.400) 5262,700 $ 11,600 2,500 58,500 101,300 8,300 $262) 700 $ 65,400 24,450 19,100 151,700 (46,950) $213,700 $ 21,800 6,300 74,200 66,900 44,500 $213, 700 Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net Income $205,000 102,000 14,450 44,000 5.44.150 Additional Data a. Bought equipment for cash, $60,250 b. Paid $15.700 on the long-term note payable c.Issued new shares of stock for $34,900 cash. d Dividends of $750 were declared and paid e. Other expenses all relate to wages 1 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: Collections from customers $ 211,500 Payments to suppliers (117,550) Payments for wages (47 800) 46,150 Net cash provided by operating activities Cash flows from investing activities Cash payments to purchase property and equipment 60 250 60,250 Net cash used in investing activities Cash flows from financing activities Cash payments on long-term note Cash receipts from issuing stock Cash payments for dividends (15.700) 34 900 (750) 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 18.450 4350 65.400 69.750 $ Step by Step Solution
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