Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The...

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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 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 Current Year $ 70,850 19,750 Prior Year $ 66,200 25,950 25,950 214,150 (63,400) $267,300 $ 13,500 4,500 60,180 20,800 153,200 (47,950) $218,200 $ 23,800 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 7,400 76,200 104,200 67,800 84,920 43,000 $267,300 $218,200 $213,000 110,000 15,450 44,800 $ 42,750 Additional Data: a. Bought equipment for cash, $60,950. b. Paid $16,020 on the long-term note payable. c. Issued new shares of stock for $36,400 cash. d. Dividends of $830 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 direct 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: Cash flows from investing activities: Cash flows from financing activities: 0 0 0 $ 0 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 Current Year $ 70,850 19,750 Prior Year $ 66,200 25,950 25,950 214,150 (63,400) $267,300 $ 13,500 4,500 60,180 20,800 153,200 (47,950) $218,200 $ 23,800 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 7,400 76,200 104,200 67,800 84,920 43,000 $267,300 $218,200 $213,000 110,000 15,450 44,800 $ 42,750 Additional Data: a. Bought equipment for cash, $60,950. b. Paid $16,020 on the long-term note payable. c. Issued new shares of stock for $36,400 cash. d. Dividends of $830 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 direct 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: Cash flows from investing activities: Cash flows from financing activities: 0 0 0 $ 0