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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 Hages payable Note payable, long-term Comon stock and additional paid in capital Retained earnings $ 67,250 17,950 24,450 211,950 (61 400) $260 200 $ 11,600 4,300 62,200 101,600 89,300 $260,200 $ 65,400 24,450 19,100 153,500 (46.950) $215,500 $ 21,800 4,800 74,200 66,900 42.800 $215,500 Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net Income $205,000 102,000 14,450 46,000 5.44.550 Additional Data: a. Bought equipment for cash, S58.450. b. Pald $12.000 on the long-term note payable c.Issued new shares of stock for $34,900 cash, d Dividends of $12.050 were declared and paid. e. Other expenses all relate to wages. 1. Accounts payable includes only inventory purchases made on credit. Answer is complete but not entirely correct. Is 44.550 SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities. Depreciation expense 14,450 Decrease in accounts receivable 6 500 Increase in merchandise inventory (5,350) Decrease in accounts payable (10.200) Decrease in wages payable (500) OOOOO SIIS 4.900 > 49,450 Net cash provided by operating activities Cash flows from investing activities Cash payments to purchase property and equipment 58,450 58,450 Net cash used in investing activities Cash flows from financing activities Cash payments on long-term note Cash payments for dividends Cash receipts from issuing stock 30 (12,000) (12,050) 34.900 10.850 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 >ISISS 1,850 65.400 67 250 5