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please show work Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The statements are complete except for the
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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 $ 70,850 19,750 25,950 214,150 $ 66,200 25,950 20,800 Property and equipment 153,200 Less: Accumulated depreciation (63,400) (47,950) $267,300 $218,200 Accounts payable Wages payable $ 13,500 $ 23,800 4,500 7,400 Note payable, long-term 60,180 76,200 Common stock and additional paid-in capital 104,200 67,800 Retained earnings 84,920 43,000 $267,300 $218,200 Income statement for current year Sales $213,000 Cost of goods sold. Depreciation expense Other expenses Net income 110,000 15,450 44,800 $ 42,750 Additional Data: a. Bought equipment for cash, $60,950. b. Paid $16,020 on the long-term note payable. c. Issued new shares of stock for $36,400 cash. d. Dividends of $830 were declared and paid. e. Other expenses all relate to wages. t 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.) Saved e. Utner 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 negative amounts.) SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: 0 Cash flows from investing activities: Cash flows from financing activities: $ 0 0 0 Step by Step Solution
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