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Condensed financial data of Metlock Company for 2020 and 2019 are presented below. METLOCK COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
Condensed financial data of Metlock Company for 2020 and 2019 are presented below. METLOCK COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 $1,830 2019 $1,140 Cash Receivables Inventory 1,720 1,280 1,610 1.900 Plant assets 1,870 1.690 (1,210) (1,190 Accumulated depreciation Long-term investments (held-to-maturity) 1,270 1410 $7,090 $6.230 $1,230 $910 Accounts payable Accrued liabilities 200 250 1,410 1.540 Bonds payable Common stock Retained earnings 1.880 1.710 2.370 1,820 $7,090 $6.230 METLOCK 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 1.270 80 1,350 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 540 810 260 $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 indirect method (Show amounts that decrease cash flow with either a sign -15,000 or in parenthesis 3. (15,000).) METLOCK COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Indirect Method) Cash Flows from Operating Activities Net Income 310 Adjustments to reconcile net income to Cash Flows from Investing Activities . Adjustments to reconcile net income to Cash Flows from Investing Activities 1 2 e
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