5 Issued common stock for $43.000.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.)Cash Flows from Operating Activities:Adjustments to reconcile net income to net cash flows from operating activities:Net cash flows from operating activitiesCash Flows from Investing Activities:Net cash flows from investing activitiesCash Flows from Financing Activities:Net cash flows from financing activitiesVIRTUAL GAMING SYSTEMSStatement of Cash FlowsFor the Year Ended December 31, 2024Cash at the beginning of the periodCash at the end of the periodNote: Noncash ActivitiesS00 The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided.Net salesGain on sale of landTotal revenuesVIRTUAL GAMING SYSTEMSIncome StatementFor the Year Ended December 31, 2024Expenses:Cost of goods soldOperating expensesDepreciation expenseInterest expenseIncome tax expenseTotal expensesNet incomeAssetsCurrent assets:CashAccounts receivableInventoryPrepaid rentLong-term assets:InvestmentsLandEquipmentAccumulated depreciationVIRTUAL GAMING SYSTEMSTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:$1,565,000598,08016,00017,00063,000Balance SheetsDecember 31Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders equity:Common stockRetained earningsTotal liabilities and stockholders' equity$2,430,0006,5002,436,5002,259,000$177,5084. Declared and paid a cash dividend of $103,000.5. Issued common stock for $43,000.2824$81,42068,700134,5002,988198,000208,500216,000(117,500)$792,600$26,5003,48030, 200255,000273,000284,500$792,6082023$25,74083,000128,0004,560120,000255,000203,000(101,500)$717,880$81,0002,30032,500242,000230,000130,000$717,800Additional Information for 2024:1. Purchased additional Investment in stocks for $78,000.2. Sold land for $53,000. The land originally was purchased for $46,500, resulting in a $6,500 gain being recorded at the time of thesale.3. Purchased $13,000 in equipment by Issuing a $13,000 long-term note payable to the seller. No cash was exchanged in thetransaction.W

Name: 5 Issued common stock for $43.000.Required:Prepare the statement of c
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Description: 5 Issued common stock for $43.000.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

A cash flow statement indicates cash inflow and outflow information for a particular time period and…

Business

Accounting

The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024. Net sales Gain on sale of land $2,430,000 6,500

The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024. Net sales Gain on sale of land $2,430,000 6,500

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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