prepare statment of cash flow (operating activites only) using the direct method, with steps

E23.11 (LO 2) (SCF-Indirect Method) Condensed financial data of Pat Metheny Company for 2020 and 2019 are presented below. Pat Metheny Company Comparative Balance Sheet As of December 31, 2020 and 2009 2020 Cash $1,800 Receivables 1.750 Inventory 1.600 Plant assets 1.900 Accumulated depreciation (1.200) Long-term investments (held-to-maturity) 1.100 57.150 Accounts payable 51.200 Accrued liabilities 200 Bonds payable 1.400 Common stock 1.900 Retained camnings 2.450 57.150 2019 $1.150 1.300 1.900 1.700 (1.170) 1.420 $6,300 $ 900 250 1.550 1.700 1.900 $6,300 Exercises Pat Metheny Company Income Statement For the Year Ended December 31, 2020 Sales revenue 56.900 Cost of goods sold 4,700 Gross margin 2.200 Selling and administrative expense 930 Income from operations 1.270 Other revenues and gains Gain on sale of investments Income before tax 1.350 Income tax expense 540 Net income Cash dividends 200 Income retained in business $550 810 Additional information: During the year, 570 of common stock was issued in exchange for plant assets. No plantasets were sold in 2020