Homework Answers
| VIDEO PHONE INC. | ||
| Cash Flow Statement (Indirect Method) | ||
| December 31, 2021 | ||
| Cash flows from operating activities: | ||
| Net Income | $104,000 | |
| Adjustments to reconcile net loss to net cash flow from operating activities: | ||
| Depreciation expense | $37,000 | |
| Loss on sale of land | $9,000 | |
| Changes in current operating assets and liabilities: | ||
| Increase in accounts receivable | -$22,000 | |
| Decrease in inventory | $40,000 | |
| Increase in prepaid rent | -$7,200 | |
| Decrease in accounts payable | -$16,000 | |
| Decrease in interest payable | -$5,000 | |
| Increase in income tax payable | $1,000 | |
| Net Cash Flow provided by operating activities: | $140,800 | |
| Cash Flow from Investing Activities | ||
| Payment for purchase of investment | -$115,000 | |
| Proceeds from the sale of land | $31,000 | |
| Net Cash Flow Used in Investing Activities | -$84,000 | |
| Cash Flow from Financing Activities | ||
| Payment of dividends | -$30,000 | |
| Net Cash Flow Used in Financing activities: | -$30,000 | |
| Net increase/decrease in cash held | $26,800 | |
| Beginning cash balance | $227,800 | |
| Ending cash balance | $254,600 | |
| Note: Non-Cash Activities | ||
| Equipment acquired by issuing long-term note payable, $70,000 | ||
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mation for Video Phones, Required: Prepare the operating activities section of the statement of using the...
Required: Prepare the operating activities section of the statem using the indirect method. Prepare a statement...
Required: Prepare the operating activities section of the statem using the indirect method. Prepare a statement of cash flows-Indirect method (LO11-2, 11-3, 11-4, 11-5) 11-4A The income statement balance sheets, and additional information for Video Phones, Inc., are provided VIDEO PHONES, INC. Income Statement For the year ended December 31, 2021 $3,636,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $2,450,000 958,000 37,000...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES,...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2018 Net sales $ 3,636,000 Expenses: Cost of goods sold $ 2,450,000 Operating expenses 958,000 Depreciation expense 37,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 3,532,000 Net income $ 104,000 VIDEO PHONES, INC. Balance Sheet December 31 2018 2017 Assets Current assets: Cash $ 254,600 ...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 2.5 points...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 2.5 points eBook Ask VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $3,636,000 Expenses: Cost of goods sold $2,450,000 Operating expenses 958,000 Depreciation expense 37,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 3,532,000 Net income $ 104,000 References VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $ 3,536,000 Expenses: Cost of goods sold $ 2,350,000 Operating expenses 938,000 Depreciation expense 35,000 Loss on sale of land 8,800 Interest expense 19,000 Income tax expense 56,000 Total expenses 3,406,800 Net income $ 129,200 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $ 260,880 $...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2,576, VIDEO...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2,576, VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold $1,550,000 Operating expenses 778.888 Depreciation expense 19.000 Loss on sale of land 7,200 Interest expense 11,000 Income tax expense 40.000 Total expenses Net income 2,485,280 $ 178,888 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 152,320 72,200 105,88 8,888 $ 77,568 52.600 127,000 4,440...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $3,486,000 VIDEO...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $3,486,000 VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold $2,300,000 Operating expenses 928,000 Depreciation expense 34,000 Loss on sale of land 8,700 Interest expense 18,500 Income tax expense 55,000 Total expenses Net income 3,344,200 $ 141,800 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 264,020 88,700 105,000 13,680 $202,660 67,000 142,000 6,840 Assets...
statement, balance sheets, and additional information for Video Phones, Inc., are provided. The income VIDEO PHONES,...
statement, balance sheets, and additional information for Video Phones, Inc., are provided. The income VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 S 2,756,000 Net sales Expenses Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $ 1,700,000 808,000 22,000 7,500 12,500 43,000 2,593,000 Total expenses Net income S 163,000 VIDEO PHONES, INC. Balance Sheet December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. Additional Information...
The income statement, balance sheets, and additional information
for Video Phones, Inc., are provided.
Additional Information for 2018:
1. Purchase investment in bonds for $100,000.
2. Sell land costing $25,000 for only $17,500, resulting in a
$7,500 loss on sale of land.
3. Purchase $55,000 in equipment by issuing a $55,000 long-term
note payable to the seller. No cash is exchanged in the
transaction.
4. Declare and pay a cash dividend of $22,500.
Required:
Prepare the statement of cash...
VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2021 Net sales $3,436,000 Expenses:...
VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2021 Net sales $3,436,000 Expenses: Cost of goods sold $2,250,000 918,000 33,000 8,600 Operating expenses Depreciation expense Loss on sale of land Interest expense 18,000 Income tax expense 54,000 Total expenses 3,281,600 154,400 Net income VIDEO PHONES, INC Balance Sheets December 31 2021 2020 Assets Current assets: $194,280 66,000 141,000 6,720 Cash 267,160 87,600 105,000 13,440 Accounts receivable Inventory Prepaid rent Long-term assets: 111,000 216,000 282,000 0 Investments Land...
Problem 11-7A Calculate operating activities--direct method (LO11-4, 11-5, 11-7) The incc ne statement, balance sheets, and...
Problem 11-7A Calculate operating activities--direct method (LO11-4, 11-5, 11-7) The incc ne statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $ 2,636,000 Expenses: Cost of goods sold $1,600,000 Operating expenses 788,000 Depreciation expense 20,000 Loss on sale of land 7,300 Interest expense 11,500 Income tax expense 41,000 Total expenses 2,467,800 Net income $ 168,200 VIDEO PHONES, INC. Balance Sheets December 31 Assets...
Required: Prepare the operating activities section of the statem using the indirect method. Prepare a statement of cash flows-Indirect method (LO11-2, 11-3, 11-4, 11-5) 11-4A The income statement balance sheets, and additional information for Video Phones, Inc., are provided VIDEO PHONES, INC. Income Statement For the year ended December 31, 2021 $3,636,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $2,450,000 958,000 37,000...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 2.5 points eBook Ask VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $3,636,000 Expenses: Cost of goods sold $2,450,000 Operating expenses 958,000 Depreciation expense 37,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 3,532,000 Net income $ 104,000 References VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2,576, VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold $1,550,000 Operating expenses 778.888 Depreciation expense 19.000 Loss on sale of land 7,200 Interest expense 11,000 Income tax expense 40.000 Total expenses Net income 2,485,280 $ 178,888 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 152,320 72,200 105,88 8,888 $ 77,568 52.600 127,000 4,440...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $3,486,000 VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold $2,300,000 Operating expenses 928,000 Depreciation expense 34,000 Loss on sale of land 8,700 Interest expense 18,500 Income tax expense 55,000 Total expenses Net income 3,344,200 $ 141,800 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 264,020 88,700 105,000 13,680 $202,660 67,000 142,000 6,840 Assets...
statement, balance sheets, and additional information for Video Phones, Inc., are provided. The income VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 S 2,756,000 Net sales Expenses Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $ 1,700,000 808,000 22,000 7,500 12,500 43,000 2,593,000 Total expenses Net income S 163,000 VIDEO PHONES, INC. Balance Sheet December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid...
The income statement, balance sheets, and additional information
for Video Phones, Inc., are provided.
Additional Information for 2018:
1. Purchase investment in bonds for $100,000.
2. Sell land costing $25,000 for only $17,500, resulting in a
$7,500 loss on sale of land.
3. Purchase $55,000 in equipment by issuing a $55,000 long-term
note payable to the seller. No cash is exchanged in the
transaction.
4. Declare and pay a cash dividend of $22,500.
Required:
Prepare the statement of cash...
VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2021 Net sales $3,436,000 Expenses: Cost of goods sold $2,250,000 918,000 33,000 8,600 Operating expenses Depreciation expense Loss on sale of land Interest expense 18,000 Income tax expense 54,000 Total expenses 3,281,600 154,400 Net income VIDEO PHONES, INC Balance Sheets December 31 2021 2020 Assets Current assets: $194,280 66,000 141,000 6,720 Cash 267,160 87,600 105,000 13,440 Accounts receivable Inventory Prepaid rent Long-term assets: 111,000 216,000 282,000 0 Investments Land...
Problem 11-7A Calculate operating activities--direct method (LO11-4, 11-5, 11-7) The incc ne statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $ 2,636,000 Expenses: Cost of goods sold $1,600,000 Operating expenses 788,000 Depreciation expense 20,000 Loss on sale of land 7,300 Interest expense 11,500 Income tax expense 41,000 Total expenses 2,467,800 Net income $ 168,200 VIDEO PHONES, INC. Balance Sheets December 31 Assets...
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