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The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $ 2,936,000...

Question:

The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $ 2,936,000 VIDEO PHONAdditional Information for 2018: 1. Purchase investment in bonds for $103,000. 2. Sell land costing $28,000 for only $20,200,

The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $ 2,936,000 VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 Net sales Expenses: Cost of goods sold $ 1,850,000 Operating expenses 838,000 Depreciation expense 25,000 Loss on sale of land 7,800 Interest expense 14,000 Income tax expense 46,000 Total expenses 2,780,800 Net income $ 155,200 VIDEO PHONES, INC. Balance Sheets December 31 2018 2017 127,840 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation 193,480 $ 78.800 105,000 10,320 133,000 5,160 103,000 208,000 266,000 (66,600) 236,000 208,000 (41,600) Total assets $ 898,000 $ 726,400 64,200 $ 5,800 14,800 79,000 9,600 13,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 281,000 223,000 280,000 252,200 280,000 121,000 Total liabilities and stockholders' equity $ 898,000 $ 726,400
Additional Information for 2018: 1. Purchase investment in bonds for $103,000. 2. Sell land costing $28,000 for only $20,200, resulting in a $7,800 loss on sale of land. 3. Purchase $58,000 in equipment by borrowing $58,000 with a note payable due in three years. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $24,000. Required: Prepare the statement of cash flows for Video Phones, Inc., using the direct method. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cash as negative amounts.) VIDEO PHONES, INC. Statement of Cash Flows For the Year Ended December 31, 2018 Cash Flows from Operating Activities: Net cash flows from operating activities Cash Flows from Investing Activities: Purchase investment in bonds Sales of land Net cash flows from investing activities Cash Flows from Financing Activities: Payment of cash dividends Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities

Answers

$ 155,200 VIDEO PHONES, INC. Statement of Cash Flows Year Ended December 31,2018 Cash flows from Operating Activities: Net In

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