Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balance sheets for Plasma Screens Corporation, along with additional Information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021

image text in transcribed

image text in transcribed

The balance sheets for Plasma Screens Corporation, along with additional Information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ 112,880 78,888 95,000 4,888 $ 120,000 92, eee se, eee 2,000 488,888 798,888 (428,880) $1,131, 880 480,000 670, eee (268, eee) $1,176, eee Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Land Equipment Accumulated depreciation Total assets Liabilities and stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ $ 99,888 6,888 8,888 85,800 12, eee 5, eee 188,888 2ee, eee 788,888 218,888 $1,131, eee 7ee, eee 174,000 $1,176, eee Additional Information for 2021: 1. Net Income is $69.000. 2. The company purchases $120,000 in equipment. 3. Depreciation expense is $160,000. 4. The company repays $100,000 in notes payable. 5. The company declares and pays a cash dividend of $25,000. Required: Prepare the statement of cash flows using the Indirect method. (LIst cash outflows and any decrease in cash as negative amounts.) PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities $ 0 Net cash flows from operating activities Cash Flows from Investing Activities 0 Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities 0 Cash at the beginning of the period Cash at the end of the period $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mcgraw Hills Homework Manager Access Code To Accompany Introduction To Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen

3rd Edition

0073264938, 978-0073264936

More Books

Students also viewed these Accounting questions