Sharp Screen Films, Inc., is developing its annual financial statements at December 31, 2015. The...
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Accounting
Sharp Screen Films, Inc., is developing its annual financial statements at December 31, 2015. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows:
Additional Data:
a.
Bought equipment for cash, $59,750.
b.
Paid $11,500 on the long-term note payable.
c.
Issued new shares of stock for $34,200 cash.
d.
Dividends of $13,650 were declared and paid.
e.
Other expenses all relate to wages.
f.
Accounts payable includes only inventory purchases made on credit.
2015 2014 Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation S 69,050 65,000 23,750 18,800 151,300 (46,650) 16,950 23,750 211,050 (60,700) $260,100 $212,200 Accounts payable Wages payable Note payable, long-term Contributed capital Retained earnings $ 10,700 21,000 2,000 73,400 66,600 49.200 5,900 61,900 100,800 80,800 $260,100 $212,200 Income statement for 2015 Sales Cost of goods sold Depreciation expense Other expenses $202,000 99,000 14,050 43,700 Net income $ 45,250
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