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Problem 11-4A Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) 4 The income statement, balance sheets, and additional information for Video Phones,

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Problem 11-4A Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) 4 The income statement, balance sheets, and additional information for Video Phones, Inc. are provided. 1.75 points Print VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $2,576,000 Expenses Cost of goods sold $1,550.000 Operating expenses 778,000 Depreciation expense 19,000 Loos on sale of land 7,200 Interest expense 11,000 Income tax expense 40.000 Total expenses 2,405,200 Net income 5 170,000 References 4 VIORO PHONES, THC. Balance sheete December 31 2021 2020 1.75 points $ 77,560 52,000 127.000 4.440 $152,320 72,200 105.000 8,880 97.000 202,000 254,000 59.400) 5832.000 Print asete Current assets Cash Accounts receivable Inventory Prepaid rent Long-term assets Investments Land Equipment Acounulated depreciation Total St. Liabilities and stockholders' Equity Current liabilities Accounts payable Interest payabio Income tax payable Long-term liabilities Notes payable Stockholders' equity! Common stock Retained earning Total l'abilities and stockholders' equity References 224,000 202,000 140,400 $646.600 $ 58,300 5,200 14,200 5 73,000 8,400 269,000 220,000 260.000 5832,000 217,000 220,000 115,000 3646,600 Additional Information for 2021 1. Purchase investment in bonds for $97.000 2. Sell land costing $22,000 for only $14,800, resulting in a $7,200 loss on sale of land, 3. Purchase $52,000 in equipment by issuing a $52,000 long-term note payable to the seller. No cash is exchanged in the transaction 4. Declare and pay a cash dividend of $21,000. 4. Required: Prepare the statement of cash flows using the Indirect method, Disclose any noncash transactions in an accompanying note (List cash outflows and any decrease in cash as negative amounts.) VIDEO PHONES, INC Statement of Cash Flows For the Year Ended December 31, 2021 175 point Cash Flows from Operating Activitie: Print Adjustments to reconcile net income to net cash flow from operating activities References Nel cash flows from operating activities Cash Flows from investing Activities Nel cash flows from investing activities Net cash flows from operating activities Cash Flows from Investing Activities: Print ferences Net cash flows from investing activities Cash Flows from Financing Activities: Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities

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