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Condensed financial data of Flounder Company for 2 0 2 0 and 2 0 1 9 are presented below.Condensed financial data of Flounder Compary for
Condensed financial data of Flounder Company for and are presented below.Condensed financial data of Flounder Compary for and are presented below. Additional information During the year, $ of common stock was issued in exchange for plant assets. No plant assets were sold in Prepare a statement of cash flows using the indirect method. Show amounts that decrease cash flow with either sign es or in porenthesis eg Adyustments to reconcle net income to FLOUNDER COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER AND Cash $ Receivables Inventory Plant assets $ Accumulated depreciation Longterm investments heldtomaturity $ $ Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $ $ $ $ FLOUNDER COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 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 $ Additional information: During the year, $ of common stock was issued in exchange for plant assets. No plant assets were sold in Prepare a statement of cash flows using the indirect method. Show amounts that decrease cash flow with either a sign eg or in parenthesis egStatement of Cash Flows For the Year Ended December Indirect Method Cash Flows from Operating Activities Adjustments to reconcile net income to Cash Flows from Operating Activities r longrightarrow
Condensed financial data of Flounder Company for and are presented below.Condensed financial data of Flounder Compary for and are presented below.
Additional information
During the year, $ of common stock was issued in exchange for plant assets. No plant assets were sold in
Prepare a statement of cash flows using the indirect method. Show amounts that decrease cash flow with either sign es or in
porenthesis eg
Adyustments to reconcle net income to
FLOUNDER COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER AND
Cash
$
Receivables
Inventory
Plant assets
$
Accumulated depreciation
Longterm investments heldtomaturity
$
$
Accounts payable
Accrued liabilities
Bonds payable
Common stock
Retained earnings
$
$
$
$
FLOUNDER COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER
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
$
Additional information:
During the year, $ of common stock was issued in exchange for plant assets. No plant assets were sold in
Prepare a statement of cash flows using the indirect method. Show amounts that decrease cash flow with either a sign eg
or in parenthesis egStatement of Cash Flows
For the Year Ended December
Indirect Method
Cash Flows from Operating Activities
Adjustments to reconcile net income to
Cash Flows from Operating Activities
r
longrightarrow
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