Problem 11-7A Calculate operating activities-direct method (L011-4, 11-5, 11-7) The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided $2,986,80e VIDEO PHONES, INC. Income statement For the Year Ended December 31, 2021 Net Sales Expenses: Cost of goods sold 51.900.ee Operating expenses 848,00 Depreciation expense 20.000 LOs on sale of land 7.900 Interest expense 14,50 Income tax expense 47.000 Total expenses Net Income 2.843, de 142.600 VIDEO PRONES, INC. Balance See De 2021 2020 ASS Cunts: das Account elvable IVORY Pent SL $ 190,340 79.900 10,000 10. $116220 59 De 1 1900 2209 Land BE 204 Total expenses Inc 2 843 314216 VIDED PHONES Halance Sheets December 1 2821 2020 $ 190, 340 79,900 105.000 18,56 5136,220 59,000 134,099 5.289 104.000 209,000 268,90 467.500 $899.000 218,000 209.000 183,830) $739,701 Assets Current assets Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipent Accumulated depreciation Total assets Liabilities and Stockholders fouity Current liabilities Accounts payable Interest payable Lecce tax payable Long-teru labirties Notes Payable Stockholms wity Con stock Retained earnings Yotel binties and stockholders equity $ 69,100 5.900 14.000 $ 80,000 9,800 13,900 283.ee 290,00 220 100 $1999, 224.000 290.00 122.000 $759.780 Additional Information for 2021 1. Purchase investment in bonds for $104,000 2 Sell and costing $29.000 for only $2000, resulting in a $7.900 loss on sale of land, 3. Purchase $59.000 in equipment by Issuing a $59.000 long-term not payable to the seller. No cash is exchanged in the transaction 4 Declare and pay a cash dividend of $24.500 Required: Prepare the statement of cash flows for Video Phone using reci method ispose any noncash transactions in an accompanying ate List cash outflows and any decrease in cash as negative amounts VIDEO PHONES, INCH Senti Cash Flow Total liabilities and stockholders' equity 5299, 5739,700 Additional Information for 2021 1 Purchase investment in bonds for $104,000 2 Sell land costing $29,000 for only $21100, resulting in a $7.900 loss on sale of land. 3. Purchase $59.000 in equipment by Issuing a $59.000 long-term note payable to the seller. No cash is exchanged in the transaction 4 Declare and pay a cash didend of $24.500. Required: Prepare the statement of cash flows for Video Phones. Inc, using the direct 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 Cash Flows from Operating Activities Net income Depreciation expense Loss (on sale of land 5 0 Net cash fows from operating av Cash Flows from investing Activities Niet cash flows from investigate Cash Flow from Franong Activities Techows from facing acties Carted of the period No Nocas Active ES Prey 1862-Images taip
