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Exercise 23-12 Condensed financial data of Flint Company for 2020 and 2019 are presented below. 2019 FLINT COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31,
Exercise 23-12 Condensed financial data of Flint Company for 2020 and 2019 are presented below. 2019 FLINT COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 Cash $1,810 Receivables 1,790 Inventory 1,570 Plant assets 1,870 Accumulated depreciation (1,230 ) Long-term investments (held-to-maturity) 1,300 $7,110 $1,120 1,330 1,940 1,740 (1,150 ) 1,440 $6,420 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,220 200 1,370 1,860 2,460 $7,110 $910 260 1,550 1,740 1,960 $6,420 FLINT 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 Income retained in business $6,810 4,680 2,130 920 1,210 80 1,290 530 760 260 $500 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 flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Click if you would like to Show Work for this question: Open Show Work
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