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Condensed financial data of Buffalo Company for 2020 and 2019 are presented below. 2019 BUFFALO COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND
Condensed financial data of Buffalo Company for 2020 and 2019 are presented below. 2019 BUFFALO COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 Cash $1,830 Receivables 1,750 Inventory 1,580 Plant assets 1,900 Accumulated depreciation (1,190 ) Long-term investments (held-to-maturity) 1,280 $7,150 $1,160 1,270 1,860 1,690 (1,150 ) 1,400 $6,230 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,220 210 1,410 1,910 2,400 $7,150 $920 250 1,520 1,730 1,810 $6,230 BUFFALO COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 $6,930 4,670 2,260 940 1,320 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 80 1,400 550 850 260 $590 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) BUFFALO COMPANY Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income to
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