f Ch 5 Part 11/23: Homework Question 12 of 13 - 71 ini Current Attempt in Progress Condensed financial data of Skysong Company for 2020 and 2019 are presented below. SKYSONG COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,180 Receivables 1,710 1,320 Inventory 1,590 1,920 Plant assets 1,890 1,710 Accumulated depreciation (1,220) (1,190) Long-term investments (held-to-maturity) 1,320 1.440 $7,120 $6,380 Accounts payable $1,190 $890 Accrued liabilities 210 260 Bonds payable 1,400 1,580 f Ch 5 Part 11/23: Homework Question 12 of 13 - 71 ili Common stock 1,940 1,660 Retained earnings 2,380 1,990 $7,120 $6,380 SKYSONG COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,720 Cost of goods sold 4,680 Gross margin 2,040 Selling and administrative expenses 920 Income from operations 1,120 Other revenues and gains Gain on sale of investments 80 Income before tax 1,200 Income tax expense 3318 550 Net income 650 + Ch 5 Part 11/23: Homework Question 12 of 13 > - 71 lii Income tax expense 550 Net income 650 Cash dividends 260 Income retained in business $390 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).) SKYSONG COMPANY Statement of Cash Flows (Direct Method) $ $ f Ch 5 Part 11/23: Homework Question 12 of 13 - 71 SKYSONG COMPANY Statement of Cash Flows (Direct Method) $ > f Ch 5 Part 11/23: Homework Question 12 of 13 - / 1 ini f Ch 5 Part 11/23: Homework Question 12 of 13 - 71 III > $ f Ch 5 Part 11/23: Homework Question 12 of 13 -/1 Jirunity Section riu uccieuse CustrioW WILITEILICI Syre.y. -13, UUU Ur puren IESIT E.G. 113,000):) SKYSONG COMPANY Statement of Cash Flows (Direct Method) $ Cash Paid for Selling/Administrative Expenses Cash Paid for Income Taxes Cash Receipts from Customers Sale of Investments Purchase of Plant Assets Issuance of Common Stock for Plant Assets Payment of Cash Dividends Cash Paid for Merchandise Issuance of Capital Stock Redemption of Bonds Payable -/1 NM Juricing SECTIONS LIut uecreuse turrioW WILITEILIER -gre.y. -13, UUU UI I purertries E.;. 113, UUU: SKYSONG COMPANY Statement of Cash Flows (Direct Method) $ Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash Noncash Investing and Financing Activities
