Current Attempt in Progress Sheffield Company had the following information available at the end of 2020 2019 $4,010 12,860 29,870 35,190 11,930 SHEFFIELDCOMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2020 AND 2019 2020 Cash $10,090 Accounts receivable 20,500 Short-term investments 22,070 Inventory 41.770 Prepaid rent 3,000 Prepaid insurance 2,080 Supplies 1,000 Land 125,380 Buildings 347,010 Accumulated depreciation-buildings (105,780) Equipment 524,780 Accumulated depreciation-equipment (130,400) Patents 45.280 Total assets $906,780 89 75 174,660 347,010 (87,050) 402,250 (111,620) 49.920 $869,194 Accounts payable Income taxes payable Salaries and wages payable $21.910 5,020 4.970 CLARO $31.990 4,010 2.980 LON Accounts payable Income taxes payable Salaries and wages payable Short-term notes payable Long-term notes payable Bonds payable Premium on bonds payable Common stock Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $21.910 5,020 4,970 9.980 60,350 398,970 16,020 241,860 25,190 122,510 $906,780 $31.990 4,010 2,980 9.980 69.690 398,970 24,034 220,910 17,630 89,000 $869,194 SHEFFIELD COMPANY INCOME STATEMENT AND DIVIDEND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $1,168,880 Cost of goods sold 746,350 422.530 Gross margin Operating expenses Selling expenses Administrative expenses Depreciation/Amortization expense Totalaneratin aynanca $78,940 157,380 42,150 270 470 INCOME STATEMENT AND DIVIDEND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $1,168,880 Cost of goods sold 746,350 422,530 $78,940 157,380 42,150 278,470 144,060 Gross margin Operating expenses Selling expenses Administrative expenses Depreciation/Amortization expense Total operating expenses Income from operations Other revenues/expenses Gain on sale of land Gain on sale of short-term investment Dividend revenue Interest expense Income before taxes Income tax expense Net income Dividends to common stockholders To retained earnings 7.940 4,030 2,380 (52,230) (37,880) 106,180 39,440 66,740 (33.230) $33,510 Prepare a statement of cash flows for Sheffield Company using the direct method accompanied by a reconciliation sch Prepare a statement of cash flows for Sheffield Company using the direct method accompanied by a reconciliation schedule. Assume the short-term investments are debt securities classified as available-for-sale. (Show amounts in the investing and financing sections that decrease cash flow with either a-sign e g. -15,000 or in parenthesis eg. (15,000)) SHEFFIELD COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Direct Method) Cash Flows from Operating Activities Cash receipts: Cash Received from Customers $ 1161240 Dividends Received 2380 $ 1163620 Cash payments: Cash Paid to Suppliers > 742850 Cash Paid for Operating Expenses Cash Paid for Taxes Cash Paid for interest 6 13 5 15 3