Tiffany & Co, Comparative Balance Sheet, As of December 31, 2019 and 2018

2019 2018

Cash 1,800 1,150

Receivables 1,750 1,300

Inventory 1,600 1,900

Plant assets 1,900 1,700

Accumulated depreciation -1,200 -1,170

Long-term investments (held-to-maturity) 1,300 1,420

7,150 6,300

Accounts payable 1,200 900

Accrued liabilities 200 250

Bonds payable 1,400 1,550

Common stock 1,900 1,700

Retained earnings 2,450 1,900

7,150 6,300

Tiffany & Co, Income Statement, For the Year Ended December 31, 2019

Sales revenue 6,900

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 60

Income before tax 1,330

Income tax expense 520

Net income 810

Cash dividends 260

Income retained in business $550

Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2019. Instructions: SHOW WORK WHERE APPROPRIATE, Part 1) Prepare a statement of cash flows using the indirect method. Part 2) Prepare a statement of cash flows using the direct method (Only the operating section)