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I would like help with this thank you Sharp Screen Films, Inc. is developing its annual financial statements at December 31 , current year. The
I would like help with this thank you
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: Additional Data a. Bought equipment for cash, 560,550 b Paid $16,310 on the long term note payable. c. Issued new shares of stock for $36,600 cash. d. Dividends of $840 were declared and paid e. Other expenses all relate to wages f Accounts payoble includes only inventory purchases made on credit. Required: 1. Prepare the stotemient of cash flows using the direct method for the year ended December 31, current year (tist cash outhows as negative amounts.) Additional Data: a. Bought equipment for cash, $60.550 b. Paid $16,310 on the long-term note payable. c. Issued new shares of stock for $36.600 cash d. Dividends of $840 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 negative amounts.) Step by Step Solution
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