Sharp Screen Films, Incorporated, is developing its annual financial statements at December 3 1 , current year.
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Question:
Sharp Screen Films, Incorporated, is developing its annual financial statements at December 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 Cash $ $ Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation $ $ Accounts payable $ $ Wages payable Note payable, longterm Common stock and additional paidin capital Retained earnings $ $ Income statement for current year Sales $ Cost of goods sold Depreciation expense Other expenses Net income $ Additional Data: Bought equipment for cash, $ Paid $ on the longterm note payable. Issued new shares of stock for $ cash. Dividends of $ were declared and paid. Other expenses all relate to wages. Accounts payable includes only inventory purchases made on credit. Required: Prepare the statement of cash flows using the indirect method for the year ended December current year. Note: List cash outflows as negative amounts.
Related Book For
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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