Question

SHARP SCREEN FILMS, INC. Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from operating activities: Collections from customers $ 214,700 Payments to suppliers Payments for wages 214,700 Cash flows from investing activities: Cash payments to purchase property and equipment Net cash used in investing activities Cash flows from financing activities: Cash payments on long-term note Cash receipts from issuing stock Cash payments for dividends Net cash provided by financing activities Net increase in cash during the year Cash balance, January 1, current year Cash balance, December 31, current year $

Answer 1

$ 46,250 SHARP SCREEN FILMS, INC Statement of Cash Flows For the Year Ended December 31, Current Year Cash flows from Operating Activities: Collections from customers $ 214,700 Payment to Suppliers $ (120,750) Payment for wages $ (47,700) Net Cash Provided by Operating activities Cash Flows from Investing Activities Cash payment to purchase property and equipment | $ (60,850 Net Cash used in Investing activities Cash Flows from Financing Activities Cash payments on long term note $ (13,000) Cash receipts from issuing stock $ 35,300 Cash payments for Dividends $ (3,550) Net Cash provided by Financing activities Net Increase in Cash Cash balance, January 1, current Year Cash balance, December 31, Current year $ 60,850) $ $ $ $ 18,750 4,150 66,000 70,150 Worki ng Notes: Cash received from customers Opening balance of Accounts Receivables Add: Sales $ $ $ $ $ 25,150 208,000 233,150 18,450 214,700 Less" Closing balance of Accounts Receivables

Payment to Suppliers Cost of goods Sold add: Opening Balance of Accounts payables Closing Balance of Inventory $ $ $ $ $ $ $ 105,000 22,400 25,150 152,550 12.200 19,600 120,750 Less: Closing balance of Accounts Pyables Opening balance of Inventory Other Expenses(wages payable) Other Expenses Opening wages payable $ $ $ $ $ 44,300 6,700 51,000 3,300 47,700 Closing balance of Wages payable Cash payments for Dividends Opening balance of Retained earnings Add: Net Income $ $ $ $ $ 43,700 43,950 87,650 84,100 3,550 Less: Closing balance of Retained Eranings Cash payments for Dividends