Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Thanks and regards these are the only options they allow Condensed financial data of Ivanhoe Company for 2020 and 2019 are presented below. IVANHOE COMPANY
Thanks and regards
these are the only options they allow
Condensed financial data of Ivanhoe Company for 2020 and 2019 are presented below. IVANHOE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,820 $1,150 Receivables 1,780 1.310 1,600 1.930 Inventory Plant assets 1,930 1.710 Accumulated depreciation (1,200) (1.160) Long-term investments (held-to-maturity) 1,320 1.400 $7.250 $6,340 Accounts payable $1,190 $880 Accrued liabilities 190 270 Bonds payable 1.430 1.520 Common stock 1,900 1,730 Retained earnings 2.540 1.940 $7.250 $6,340 IVANHOE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6.860 Cost of goods sold 4.620 Gross margin 2.240 Selling and administrative expenses 920 Income from operations 1.320 Other revenues and gains Gainon sale of investments BO Income before tax 1.400 Income tax expense 540 Net income 860 Cash dividends 260 Income retained in business $600 * 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 a with either a-signes -15,000 or in parenthesises (15,000.) IVANHOE COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Direct Method) $ $ IVANHOE COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Direct Method) $ Sale of Plant Assets Purchase of Plant Assets Purchase of Held-to-Maturity Investments Redemption of Bonds Payable Cash Paid for Selling/Administrative Expenses Sale of Bonds Payable Cash Paid for Merchandise Sale of Investments Cash Paid for Income Taxes Redemption of Common stock Issuance of Common Stock for Plant Assets Payment of Cash Dividends Issuance of Capital StockStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started