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: |
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,
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