Problem 11-7A (Algo) Calculate operating activities-direct method (LO11-7)The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided.VIDEO PHONES, INCORPORATEDIncome StatementFor the Year Ended December 31, 2024Net salesExpenses:Cost of goods soldOperating expensesDepreciation expenseLoss on sale of landInterest expenseIncome tax expenseTotal expensesNet incomeAssetsCurrent assets:Cash$2,000,000868,00028,0008,100Accounts receivableInventoryPrepaid rentLong-term assets:Investments15,50049,000LandEquipmentAccumulated depreciation$3,086,000VIDEO PHONES, INCORPORATEDBalance SheetsDecember 312,968, 600$ 117,400Total assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earningsTotal liabilities and stockholders'equity2024$182, 86082, 100105,00012, 2402023$152,38061,000136,0006,120106,0000211,000242,000272,000 211,000(70,200) (42,200)$901,000 $766,300$66,9006,10015, 100287,000 226,000310,000 310,000215,900 124,000$901,000 $766,300$82,00010, 20014, 100Additional Information for 2024:1. Purchased investment in bonds for $106,000.2. Sold land for $22,900. The land originally was purchased for $31,000, resulting in a $8,100 loss being recorded at thetime of the sale.3. Purchased $61,000 in equipment by issuing a $61,000 long-term note payable to the seller. No cash was exchangedin the transaction.4. Declared and paid a cash dividend of $25,500. Required:Prepare the statement of cash flows for Video Phones, Incorporated, using the direct method. Disclose any noncashtransactions in an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should beindicated with a minus sign.)VIDEO PHONES, INCORPORATEDStatement of Cash FlowsFor the Year Ended December 31, 2024Cash Flows from Operating Activities:Net cash flows from operating activitiesCash Flows from Investing Activities:Net cash flows from investing activitiesCash Flows from Financing Activities:Net cash flows from financing activitiesCash at the beginning of the periodCash at the end of the periodNote: Noncash Activities$$0000

The cash flow statement is an important part of our financial statement which shows the net cash…

Problem 11-7A (Algo) Calculate operating activities-direct method (LO11-7) The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 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 $2,000,000 868,000 28,000 8,100 15,500 49,000 $3,086,000 2,968, 600 $ 117,400

Problem 11-7A (Algo) Calculate operating activities-direct method (LO11-7) The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 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 $2,000,000 868,000 28,000 8,100 15,500 49,000 $3,086,000 2,968, 600 $ 117,400

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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