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Condensed financial data of Larkspur Company for 2020 and 2019 are presented below. Accounts payable Accrued liabilities Bonds payable begin{tabular}{rc} $1,220 & $890 210
Condensed financial data of Larkspur Company for 2020 and 2019 are presented below. Accounts payable Accrued liabilities Bonds payable \begin{tabular}{rc} $1,220 & $890 \\ 210 & 250 \\ 1,430 & 1,540 \\ 1,940 & 1,730 \\ 2,290 & 1.920 \\ \hline$7,090 & $6.330 \\ \hline \end{tabular} LARKSPUR COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,670 Cost of goods sold Gross margin 2,0304,640 \begin{tabular}{lr} Selling and administrative expenses & 930 \\ \hline & 1,100 \end{tabular} Other revenues and gains Gain on sale of investments Income before tax 801.180 Income tax expense Net income Cash dividends Income retained in business 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 direct method. (Show amounts in the investing and financing sections that decrease cash flo with either a-signe.8. 15,000 or in parenthesis e.g. (15,000).) LARKSPUR COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Direct Method) Cash Flows from Operating Activities Cash Receipts from Customers Cash Paid for Merchandise $ Cash Paid for Selling/Administrative Expenses Cash Paid for Income Taxes Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Plant Assets Sale of Investments Net Cash Provided by Investing Activities Cash Flows from Financing Activities Redemption of Bonds Payable Payment of Cash Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period Noncash Investing and Financing Activities Issuance of Common Stock for Plant Assets
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