Module 3/Chapter 11b Saved Problem 11-4A (Algo) Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) 2 4 The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Net sales points Expenses: Print References Cost of goods sold Operating expenses Depreciation expense Loss on sale of land. Interest expense Income tax expense Total expenses Net income Mc Graw Hill $2,050,000 878,000 29,000 8,200 16,000 50,000 $3,136,000 3,031,200 $ 104,800 VIDEO PHONES, INCORPORATED Balance Sheets December 31 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Tong-term liabilities: 2024 2023 $179,720 83,200 105,000 12,480 $160,760 62,000 137,000 6,240 107,000 D 212,000 244,000 274,000 212,000 (71,400) (42,400) $902,000 $779,600 $ 67,800 6,200 15,200 $ 83,000 10,400 14,200 < Prev 4 of 4 Next > Help Save & Exit Submit