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Condensed financial data of Bonita Corp. for 2020 and 2019 are presented below. BONITA CORP. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
Condensed financial data of Bonita Corp. for 2020 and 2019 are presented below. BONITA CORP. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $780 $600 Investments 0 210 2,200 2,090 Receivables 1,580 1,170 Inventory 1,530 1,200 Plant assets (600) (470) Accumulated depreciation $5,490 $4,800 Accounts payable $770 $1,200 Accrued liabilities 350 530 Bonds payable 830 1,040 Capital stock 1,450 1,350 Retained earnings 2,090 680 $5,490 $4,800 BONITA CORP. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 $15,540 Sales 10,800 Cost of goods sold 4,740 Gross margin 1,240 Selling and administrative expenses Income from operations 3,500 50 Other revenues and gains Loss on sale of investments Income before tax Income tax expense Net income 3,450 1,460 1.990 580 Cash dividends $1.410 Income retained in business Additional information: During the year, $100 of common stock was issued in exchange for land. No plant assets were sold in 2020 Prepare 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 eg. -15,000 or in parenthesis eg. (15,000)
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