The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the…


Required:

indirect

The pay assertion, counteract sheets, and subjoined advice for Video Phones, Inc., are supposing. VIDEO PHONES, INC. Pay StatementFor the Year Ended December 31, 2018Net sales $ 3,636,000Expenses:Cost of pi sold $ 2,450,000Operating payments 958,000Depreciation payment 37,000Loss on sale of plant 9,000Interest payment 20,000Income tax payment 58,000—Total payments 3,532,000Net pay $ 104,000 VIDEO PHONES, INC. Counteract Sheet December 31 AssetsCurrent possessions:CashAccounts receivableInventoryPrepaid rentLong-term possessions:InvestmentsLandEquipmentAccumulated slander Total possessions Liabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained hues Total liabilities and stockholders’ equity 2013 2017$ 254,500 $ 227,30092,000 70,000105,000 145,00014,400 7,200115,000 0220,000 250,000290,000 220,000(31,000) (44,000)—$ 1,010,000 $ 335,000—$ 75,000 $ 91,0007,000 12,00015,000 15,000305,000 235,000400,000 400,000207,000 133,000$ 1,010,000 $ 335,000