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The balance sheets for Plasma Screens Corporation, along with the additional information, are provided below. 14 The balance sheets for Plasma Screens Corporation, along with
The balance sheets for Plasma Screens Corporation, along with the additional information, are provided below.
14 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 Assets Current assets: Cash 155,100 $ 171,800 Accounts receivable 74,800 88,000 Inventory 87,000 72,800 Prepaid rent 2,400 1,200 Long-term assets: Land 440,000 440,000 Equipment 732,800 630,000 Accumulated depreciation (406, 000) (252,000) Total assets $1,085,300 $1,151,800 Liabilities and Stockholders Equity Current liabilities: Accounts payable 91,000 $ 77,800 Interest payable 6,900 13,800 Income tax payable 6,400 4,200 Long-term liabilities: Notes payable 115,000 230,000 Stockholders' equity! Common stock 660,000 660,000 Retained earnings 206,000 166,000 Total liabilities and stockholders' equity $1,885,300 $1,151, 800 Additional information for 2021 1. Net income is $61,000 2. The company purchases $102,000 in equipment 3. Depreciation expense is $154,000 4. The company repays $115,000 in notes payable 5. The company declares and pays a cash dividend of $21,000. 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 not cash flows from operating activities Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing Vio Cash at the beginning of the period Cash at the end of the period Step by Step Solution
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