Please do not give solution in image format ? Required:Prepare the statement of cash flows using the indirect method. (Amounts to be deducted, cash outflows, and any decrease in cashshould be indicated with a minus sign.)PLASMA SCREENS CORPORATIONStatement of Cash FlowsFor the Year Ended December 31, 2024Cash Flows from Operating ActivitiesAdjustments to reconcile net income to net cashflows from operating activitiesNet cash flows from operating activitiesCash Flows from Investing ActivitiesNet cash flows from investing activitiesCash Flows from Financing ActivitiesShow Transcribed TextNet cash flows from operating activitiesCash Flows from Investing ActivitiesNet cash flows from investing activitiesCash Flows from Financing ActivitiesNet cash flows from financing activitiesCash at the beginning of the periodCash at the end of the periodc The balance sheets for Plasma Screens Corporation, along with additional information, are provided below:PLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2024 and 2023AssetsCurrent assets:CashAccounts receivableInventoryPrepaid rentLong-term assets:LandEquipmentAccumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equity2024$146,75076,00090,0003,000455,000750,000(415,000)$1,105,750$94,0006,7507,000112,500675,000210,500$1,105,750Additional Information for 2024:1. Net income is $64,000.2. The company purchases $105,000 in equipment. No equipment was sold.3. Depreciation expense is $157,000.4. The company repays $112,500 in notes payable.5. The company declares and pays a cash dividend of $22,500.2023$159,00089,50075,5001,500455,000645,000(258,000)$1,167,500$80,50013,5004,500225,000675,000169,000$1,167,500

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 mation for 2024 2024 $146,750 76,000 90,000 3,000 455,000 750,000 (415,000) $1,105,750 $94,000 6,750 7,000 112,500 675,000 210,500 $1,105,750 2023 $159,000 89,500 75,500 1,500 455,000 645,000 (258,000) $1,167,500 $80,500 13,500 4,500 225,000 675,000 169,000 $1,167,500

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 mation for 2024 2024 $146,750 76,000 90,000 3,000 455,000 750,000 (415,000) $1,105,750 $94,000 6,750 7,000 112,500 675,000 210,500 $1,105,750 2023 $159,000 89,500 75,500 1,500 455,000 645,000 (258,000) $1,167,500 $80,500 13,500 4,500 225,000 675,000 169,000 $1,167,500

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter10: Long-term Liabilities

Section: Chapter Questions

Problem 10.12E

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