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Exercise 23B-12 Condensed financial data of Blossom Company for 2017 and 2016 are presented below BLOSSOM COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017
Exercise 23B-12 Condensed financial data of Blossom Company for 2017 and 2016 are presented below BLOSSOM COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 $1,150 1,310 1,930 1,710 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) $1,820 1,780 1,600 1,930 (1,200)(1,160) 1,320 1,400 $7,250$6,340 $880 270 1,520 1,730 1,940 $6,340 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,190 190 1,430 1,900 2,540 $7,250 BLOSSOM COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 $6,860 4,620 2,240 920 1,320 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains 80 1,400 540 860 260 $600 Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017 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).) BLOSSOM COMPANY Statement of Cash Flows (Direct Method)
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