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S Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of
S 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: Balance sheet at December 31 Current Year Prior Year Cash Accounts receivable $ 66,200 Merchandise inventory $66,950 19,750 25,950 214, 150 25,950 20,800 Property and equipment Less: Accumulated depreciation 152,800 (47,950) Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income Additional Data: a. Bought equipment for cash, $61,350. b. Paid $12.200 on the long-term note payable. c.Issued new shares of stock for $36,400 cash. d. Dividends of $10.450 were declared and paid. e. Other 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 indirect method for the year ended December 31, current year. (List cash outflows as negative amounts.) SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Next >> Cash flows from operating activities: Prax 1 of 2 (63,400) $263,400 $ 13,500 5,400 64,000 104, 200 76,300 $263,400 $213,000 110,000 15,450 44,800 $ 42,750 $217,800 $ 23,800 6,000 76,200 67,800 44,000 $217,800 Dok SI Print ferences Required: 1. Prepare the statement of cash flows using the indirect method for the year ended December 31, current year. (List cash outflows as negative amounts.) SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Cash flows from investing activities: Cash flows from financing activities: tout
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