PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ 155,850 75,200 88,000 2,600 $ 174,600 88,500 73,700 1,300 445,000 738,000 (409,000) $1,095,650 445,000 635,000 (254,000) $1,164,100 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ $ 92,000 7,050 6,600 78,700 14,100 4,300 117,500 235,000 665,000 207,500 $1,095,650 665,000 167,000 $1,164,100 Additional Information for 2021: 1. Net income is $62,000. 2. The company purchases $103,000 in equipment. 3. Depreciation expense is $155,000. 4. The company repays $117,500 in notes payable. 5. The company declares and pays a cash dividend of $21,500. Answer is not complete. PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Net income $ 62,000 Adjustments to reconcile net income to net cash flows from operating activities Depreciation expense 155,000 Decrease in accounts receivable 13,300 Increase in inventory (14,300) Increase in prepaid rent (1,300) Increase in accounts payable 13,300 Decrease in interest payable (7,050) Increase in income tax payable 2,300 $ 223,250 Net cash flows from operating activities Cash Flows from Investing Activities Purchase of equipment (103,000) (103,000) Net cash flows from investing activities Cash Flows from Financing Activities Payment of cash dividends Payment of notes payable (21,500) (117,500) Net cash flows from financing activities Net decrease in cash (139,000) Cash at the beginning of the period Cash at the end of the period $ 0