Sharp Screen Films, Inc., is developing its annual financial statements at December 31, 2015. The...
90.2K
Verified Solution
Link Copied!
Question
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:
2015
2014
Balance sheet at December 31
Cash
$
68,350
$
63,400
Accounts receivable
15,450
22,650
Merchandise inventory
22,650
18,100
Property and equipment
209,350
150,500
Less: Accumulated depreciation
(59,300)
(45,850)
$
256,500
$
208,800
Accounts payable
$
9,200
$
19,400
Wages payable
4,200
1,300
Note payable, long-term
60,500
71,100
Contributed capital
98,700
66,000
Retained earnings
83,900
51,000
$
256,500
$
208,800
Income statement for 2015
Sales
$
196,000
Cost of goods sold
93,000
Depreciation expense
13,450
Other expenses
43,100
Net income
$
46,450
Additional Data:
a.
Bought equipment for cash, $58,850.
b.
Paid $10,600 on the long-term note payable.
c.
Issued new shares of stock for $32,700 cash.
d.
Dividends of $13,550 were declared and paid.
e.
Other expenses all relate to wages.
f.
Accounts payable includes only inventory purchases made on credit.
Help me make a statement of cash flow please,
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!