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Sketchers Corporation's recent comparative balance sheet and income statement follow. Balance Sheets, December 31 2019 2020 Changes Assets Cash and cash equivalents $39,000 $63.000 $24,000
Sketchers Corporation's recent comparative balance sheet and income statement follow. Balance Sheets, December 31 2019 2020 Changes Assets Cash and cash equivalents $39,000 $63.000 $24,000 Accounts receivable (net) 58,000 55,000 (3,000) 136,000 160.000 24,000 Merchandise inventory Investments, long-term 10.000 (10,000) Plant assets 337.000 367,000 30.000 Accumulated depreciation (1,000) (88,000) (89,000) $492,000 $556,000 Total assets $64,000 Liabilities and Stockholders' Equity $15,000 $9.000 ($6,000) 3,000 4.000 1,000 4.000 6.000 2.000 5,000 5,000 0 Accounts payable Salaries payable Income taxes payable Interest payable Bonds payable, issued at face value Common stock, no-par Retained earnings Total liabilities and stockholders' equity 200,000 200.000 0 240,000 288,000 48.000 19.000 25,000 44,000 $492,000 $556,000 $64,000 Income Statement For Year Ended December 31, 2020 Sales revenue $234.000 Cost of goods sold (114.000) 25.000 44,000 Retained earnings Total liabilities and stockholders' equity 12.000 $422.000 $556,000 $64.000 Income Statement For Year Ended December 31, 2020 Sales revenue $234,000 (114.000) Cost of goods sold Gross margin Depreciation expense Salaries expense $120,000 (26,000) (24,000) Income tax expense (20,000) Interest expense Loss on sale of plant assets (4,000) (3.000) $43,000 Net income Additional information: 1. Purchased a plant asset, $60,000; issued capital stock in full payment. 2. Sold a long-term investment in equity securities at cost accounted for cash, $10,000. 3. Declared and paid a cash dividend, $24,000. 4. Sold plant asset for $2,000 cash (cost, $30,000; accumulated depreciation, $25,000). 5. Retired capital stock, 1,000 shares at the original selling price, $12 per share. Note: Do not use either the positiveegative sign or the dollar sign with your answers. Required: 1 Net cash provided by operating activities using the indirect method is $ 2 Net cash provided by investing activities is $ 3 Cash collected from customers, under the direct method, is $ For Year Ended December 31, 2020 Sales revenue $234,000 Cost of goods sold (114,000) Gross margin $120,000 Depreciation expense (26,000) Salaries expense (24.000) Income tax expense (20.000) Interest expense (4.000) Loss on sale of plant assets (3.000) $43,000 Net income Additional information: 1. Purchased a plant asset, $60,000, issued capital stock in full payment. 2. Sold a long-term investment in equity securities at cost accounted for cash, $10,000. 3. Declared and paid a cash dividend, $24,000. 4. Sold plant asset for $2,000 cash (cost, $30,000; accumulated depreciation, $25,000). 5. Retired capital stock, 1,000 shares at the original selling price, $12 per share. Note: Do not use either the positiveegative sign or the dollar sign with your answers. Required: 1 Net cash provided by operating activities using the indirect method is $ 2 Net cash provided by investing activities is $ 3 Cash collected from customers, under the direct method, is $ 4 Cash paid to suppliers, under the direct method, is $
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