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Condensed financial data of Marigold Company for 2020 and 2019 are presented below. MARIGOLD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
Condensed financial data of Marigold Company for 2020 and 2019 are presented below. MARIGOLD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,140 Receivables Inventory 1,720 1,280 1,610 1,900 Plant assets 1,870 1,690 Accumulated depreciation (1,210) (1.190) Long-term investments (held-to-maturity) 1,270 1,410 $7,090 $6,230 Accounts payable $1,230 $910 Accrued liabilities 200 250 Bonds payable 1,410 1,540 Common stock 1,880 1,710 Retained earnings 2,370 1,820 $7,090 $6,230 MARIGOLD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 MARIGOLD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,880 Cost of goods sold 4,680 Gross margin 2,200 Selling and administrative expenses 930 Income from operations 1,270 Other revenues and gains Gain on sale of investments 80 00 Income before tax 1,350 Income tax expense 540 Net income 810 Cash dividends 200 Income retained in business $550 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 fl with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) MARIGOLD COMPANY Statement of Cash Flows 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 flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000).) MARIGOLD COMPANY Statement of Cash Flows (Direct Method) SA
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