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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
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 YearPrior Year Balance sheet at December 31 S 66,550 18,150 24,750 212,250 61.500) $ 65,500 Accounts receivable 24,750 19,200 152,600 (47.050) Property and equipment Less. Accumulated depreciation S 11,800 4,500 62,300 102,000 79 600 $ 21,900 Wages payable Note payablc, long-term 4.400 67,000 46 600 Retained earnings Income statement for current year S 206,000 103,000 14,450 11,100 44,450 Cast of goods sold Other expenses Net income Additional Data: a. Bought equipment for cash, $59,650 b. Paid $12,100 an the long-term note payable. c. Issued new shares of stock for $35,000 cash. d. Dividends of $11,450 were declared and paid e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit
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