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Exercise 23-11 Condensed financial data of Concord Company for 2020 and 2019 are presented below. CONCORD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020
Exercise 23-11 Condensed financial data of Concord Company for 2020 and 2019 are presented below. CONCORD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) $1,760 1,780 1,610 1,880 (1,220 ) 1,310 $7,120 $1,180 1,280 1,920 1,660 (1,190 ) 1,400 $6,250 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,170 190 1,390 1,910 2,460 $7,120 $880 240 1,540 1,730 1,860 $6,250 CONCORD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends $7,020 4,780 2,240 910 1,330 70 1,400 540 860 260 Income retained in business $600 Additional information: During the year, $80 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 e.g. -15,000 or in parenthesis e.g. (15,000).) CONCORD COMPANY Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income to $
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