Question
Condensed financial data of Monty SA for 2022 and 2021 are presented below. MONTY SA COMPARATIVE STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2022
Condensed financial data of Monty SA for 2022 and 2021 are presented below.
MONTY SA COMPARATIVE STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2022 AND 2021 | ||||||
---|---|---|---|---|---|---|
2022 | 2021 | |||||
Debt investments (held-for-collection) | 1,350 | 1,470 | ||||
Plant assets | 1,950 | 1,700 | ||||
Accumulated depreciation | (1,400 | ) | (1,170 | ) | ||
Inventory | 1,500 | 1,950 | ||||
Accounts receivable | 2,050 | 1,350 | ||||
Cash | 1,850 | 1,250 | ||||
7,300 | 6,550 | |||||
Share capitalordinary | 2,050 | 1,750 | ||||
Retained earnings | 2,300 | 1,900 | ||||
Bonds payable | 1,400 | 1,700 | ||||
Accounts payable | 1,300 | 900 | ||||
Accrued liabilities | 250 | 300 | ||||
7,300 | 6,550 |
MONTY SA INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2022 | ||
---|---|---|
Sales revenue | 6,690 | |
Cost of goods sold | 4,700 | |
Gross margin | 1,990 | |
Selling and administrative expenses | 910 | |
Income from operations | 1,080 | |
Other revenues and gains | ||
Gain on sale of investments | 80 | |
Income before tax | 1,160 | |
Income tax expense | 500 | |
Net income | 660 |
Additional information: During the year, 70 of ordinary shares were issued in exchange for plant assets. No plant assets were sold in 2022. Cash dividends were 260. Prepare a statement of cash flows using the indirect method
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