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 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation 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 Current Year Prior Year $ 66,650 16,950 $ 65,000 23,750 23,750 211,050 (60,700) $257,700 $ 10,700 3,900 61,900 100,800 18,800 153,200 (46,650) $214,100 $ 21,000 4,300 73,400 66,600 80,400 48,800 $257,700 $214,100 $202,000 99,000 14,050 43,700 $ 45,250 Additional Data: a. Bought equipment for cash, $57,850. b. Paid $11,500 on the long-term note payable. c. Issued new shares of stock for $34,200 cash. d. Dividends of $13,650 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 Cash flows from operating activities: < Prev 1 of 2 Next > 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: 0 0 0 0 $ 0 < Prev 1 of 2 Next >