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prepare a statement of cash flow using the indirect method Condensed financial data of Shamrock Company for 2020 and 2019 are presented below. SHAMROCK COMPANY
prepare a statement of cash flow using the indirect method
Condensed financial data of Shamrock Company for 2020 and 2019 are presented below. SHAMROCK COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,770 $1,170 Receivables 1,780 1,300 1,570 1,880 Inventory Plant assets 1,870 1.710 (1,210) (1,190) Accumulated depreciation Long-term investments (held-to-maturity) 1.290 1.430 $7.070 $6,300 Accounts payable $1,200 $900 Accrued liabilities 200 250 1.430 1,580 Bonds payable Common stock 1.860 1,730 Retained earnings 2,380 1.840 $7.070 $6.300 1 n SHAMROCK COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,820 Cost of goods sold 4,640 Gross margin 2. 180 Selling and administrative expenses 910 Income from operations 1,270 Other revenues and gains Gain on sale of investments 80 Income before tax 1,350 Income tax expense 550 Net income 800 Cash dividends 260 Income retained in business $540 Additional information: During the year. 580 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 there signes parenthesis es (15,000) SHAMROCK COMPANY Step by Step Solution
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