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The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31,

The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided.

VIDEO PHONES, INCORPORATED
Income Statement
For the Year Ended December 31, 2024
Net sales $2,456,000
Expenses:
Cost of goods sold $1,450,000
Operating expenses 758,000
Depreciation expense 17,000
Loss on sale of land 7,000
Interest expense 10,000
Income tax expense 38,000
Total expenses 2,280,000
Net income $ 176,000

VIDEO PHONES, INCORPORATED
Balance Sheets
December 31
2024 2023
Assets
Current assets:
Cash $138,600 $60,800
Accounts receivable 70,000 50,000
Inventory 105,000 125,000
Prepaid rent 8,400 4,200
Long-term assets:
Investments 95,000 0
Land 200,000 220,000
Equipment 250,000 200,000
Accumulated depreciation (57,000) (40,000)
Total assets $810,000 $620,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 57,000 $ 71,000
Interest payable 5,000 8,000
Income tax payable 14,000 13,000
Long-term liabilities:
Notes payable 265,000 215,000
Stockholders' equity:
Common stock 200,000 200,000
Retained earnings 269,000 113,000
Total liabilities and stockholders equity $810,000 $620,000

Additional Information for 2024:

1) Purchased investment in bonds for $95,000.

2) Sold land for $13,000. The land originally was purchased for $20,000, resulting in a $7,000 loss being recorded at the time of the sale.

3) Purchased $50,000 in equipment by issuing a $50,000 long-term note payable to the seller. No cash was exchanged in the transaction.

4) Declared and paid a cash dividend of $20,000.

Required:

Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.)

This part right here got cut off at the bottom of the statement

net cash flows from financing actvities ?
cash at the beginning of the period ?
cash at the end of the period ?
note: Noncash activities ?

image text in transcribed

VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities

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