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 Year				Prior Year
Balance sheet at December 31
Cash	$	70,850			$	66,200
Accounts receivable		19,750				25,950
Merchandise inventory		25,950				20,800
Property and equipment		214,150				153,200
Less: Accumulated depreciation		(63,400	)			(47,950	)
	$	267,300			$	218,200
Accounts payable	$	13,500			$	23,800
Wages payable		7,400				4,500
Note payable, long-term		64,000				76,200
Contributed capital		104,200				67,800
Retained earnings		78,200				45,900
	$	267,300			$	218,200
Income statement for current year
Sales	$	213,000
Cost of goods sold		110,000
Depreciation expense		15,450
Other expenses		44,800
Net income	$	42,750

Additional Data:

Bought equipment for cash, $60,950.

Paid $12,200 on the long-term note payable.

Issued new shares of stock for $36,400 cash.

Dividends of $10,450 were declared and paid.

Other expenses all relate to wages.

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: Collections from customers 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0 0