Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Condensed financial data of Flint Company for 2020 and 2019 are presented below. FLINT COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
Condensed financial data of Flint Company for 2020 and 2019 are presented below. FLINT COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 Cash $1,810 Receivables 1,790 Inventory 1,570 Plant assets 1,870 Accumulated depreciation (1,230) Long-term investments (held-to-maturity) 1,300T $7,110 2019 $1,120 1,330 1,940 1,740 (1,150 ) 1,440 $6,420 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,220 200 1,370 1,860 2,460 $7,110 $910 260 1,550 1,740 1,960 $6,420 D FLINT COMPANY $6,420 $6,810 4,680 2,130 FLINT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 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 1.210 260 $500 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 sig FLINT COMPANY 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 FLINT COMPANY Statement of Cash Flows (Indirect Method) 1230 Adjustments to reconcile net income to ISA1150 T 80 1870 1740 130 130 1440 1300 80 220 1740 E DT 1740 220 1740 dy 70 1860 Cash at Beginning of Period Che Work for this question: Onan Show
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started