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

CULLUMBER COMPANY

COMPARATIVE BALANCE SHEET

AS OF DECEMBER 31, 2020 AND 2019

2020 2019

Cash $1,780 $1,130

Receivables 1,740 1,290

Inventory 1,610 1,870

Plant assets 1,930 1,710

Accumulated depreciation (1,210) (1,150)

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

$7,140 $6,290

Accounts payable $1,180 $900

Accrued liabilities 190 240

Bonds payable 1,410 1,590

Common stock 1,920 1,690

Retained earnings 2,440 1,870

$7,140 $6,290

CULLUMBER COMPANY

INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2020

Sales revenue $6,880

Cost of goods sold 4,650

Gross margin 2,230

Selling and administrative expenses 940

Income from operations 1,290

Other revenues and gains

Gain on sale of investments 80

Income before tax 1,370

Income tax expense 540

Net income 830

Cash dividends 260

Income retained in business $570

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 indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

CULLUMBER COMPANY

Statement of Cash Flows

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For the Year Ended December 31, 2020

(Indirect Method)

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Cash Flows from Operating Activities

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Net Income

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Cash Flows from Operating Activities

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