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Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31,...

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Accounting

Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, current year. The statements are
complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized
as follows:
Balance sheet at December 31
Cash
Accounts receivable
Merchandise inventory
Property and equipment
Less: Accumulated depreciation
Accounts payable
Wages payable
Note payable, long-term
Common stock and additional paid-in capital
Retained earnings
Income statement for current year
Sales
Cost of goods sold
Depreciation expense
other expenses
Net income
Additional Data:
a. Bought equipment for cash, $58,450.
b. Paid $12,000 on the long-term note payable.
c. Issued new shares of stock for $34,900 cash.
d. Dividends of $12,050 were declared and paid.
e. Other expenses all relate to wages.
f. Accounts payable includes only inventory purchases made on credit.
Required:
Prepare the statement of cash flows using the indirect method for the year ended December 31, current year.
Note: List cash outflows as negative amounts.
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