Condensed financial data of Bonita Company for 2020 and 2019 are presented below.

BONITA COMPANY

COMPARATIVE BALANCE SHEET

AS OF DECEMBER 31, 2020 AND 2019

2020 2019

Cash $1,760 $1,180

Receivables 1,750 1,290

Inventory 1,620 1,890

Plant assets 1,930 1,690

Accumulated depreciation (1,280) (1,160)

Long-term investments (held-to-maturity) 1,290 1,440

$7,070 $6,330

Accounts payable $1,180 $920

Accrued liabilities 200 260

Bonds payable 1,370 1,550

Common stock 1,930 1,670

Retained earnings 2,390 1,930

$7,070 $6,330

BONITA COMPANY

INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2020

Sales revenue $6,800

Cost of goods sold 4,700

Gross margin 2,100

Selling and administrative expenses 910

Income from operations 1,190

Other revenues and gains

Gain on sale of investments 80

Income before tax 1270

Income tax expense 550

Net income 720

Cash dividends 260

Income retained in business $460

Additional information:

During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020.

a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

BONITA COMPANY

Statement of Cash Flows

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(Direct Method)

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