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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required:
Prepare the statement of cash flows using the indirect method. (Amounts to be deducted, cash outflows, and any decrease in cash
should be indicated with a minus sign.)
PLASMA SCREENS CORPORATION
Statement of Cash Flows
For the Year Ended December 31, 2024
Cash Flows from Operating Activities
Adjustments to reconcile net income to net 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
Show Transcribed Text
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 activities
Cash at the beginning of the period
Cash at the end of the period
c
Transcribed Image Text:Required: Prepare the statement of cash flows using the indirect method. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) PLASMA SCREENS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities Adjustments to reconcile net income to net 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 Show Transcribed Text 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 activities Cash at the beginning of the period Cash at the end of the period c
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below:
PLASMA SCREENS CORPORATION
Balance Sheets
December 31, 2024 and 2023
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
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
Additional 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
$159,000
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
Transcribed Image Text:The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: PLASMA SCREENS CORPORATION Balance Sheets December 31, 2024 and 2023 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 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 Additional 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 $159,000 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
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