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

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Accounting

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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: Additional Data: a. Bought equipment for cash, $61,150. b. Paid $12,400 on the long-term note payable. c. Issued new shares of stock for $36,300 cash. d. Dividends of $10,550 were declared and paid. e. Other expenses all relate to wages. f. Accounts payable includes only inventory purchases made on credit. Required: 1. 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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