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Condensed financial data of Windsor Company for 2020 and 2019 are presented below. WINDSOR COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
Condensed financial data of Windsor Company for 2020 and 2019 are presented below. WINDSOR COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash Receivables Inventory Plant assets $1,830 $1,160 1,750 1,270 1,580 1,860 1,900 1,690 (1,190) (1,150) 1,280 1,400 $7,150 $6,230 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable $920 Accrued liabilities $1,220 210 1.410 250 Bonds payable 1.520 1,730 Common stock 1,910 Retained earnings 2.400 1,810 $6,230 $7,150 WINDSOR COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,930 Cost of goods sold 4,670 Gross margin 2,260 Selling and administrative expenses 940 Income from operations 1,320 Other revenues and gains Gain on sale of investments Income before tax 1,400 Income tax expense 550 Net income 850 Cash dividends 260 Income retained in business $590 Additional information: During the year, 570 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 .. - 15,000 or in parenthesis es. (15,000).) WINDSOR COMPANY Statement of Cash Flows (Direct Method)
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