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Thank you much in advance and regards Condensed financial data of Sweet Company for 2020 and 2019 are presented below. SWEET COMPANY COMPARATIVE BALANCE SHEET
Thank you much in advance and regards
Condensed financial data of Sweet Company for 2020 and 2019 are presented below. SWEET 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 Common stock 1.940 1,660 Retained earnings 2,380 1,990 the most $7,120 $6,380 SWEET 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 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 indirect method. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis eg. (15,000).) 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 indirect method. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis eg. (15,000).) SWEET COMPANY Statement of Cash Flows (Indirect Method) Cash Flows from Operating Activities Net Income 1200 Adjustments to reconcile net income to V Depreciation Expense 30 Gain on Sale of Investments Increase in Accounts Receivable Decrease in Inventory Increase in Accounts PayableStep by Step Solution
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