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KINGBIRDCOMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2020 AND 2019 2020 Cash $9,950 Accounts receivable 20,550 Short-term investments 21,830 Inventory 42,340 Prepaid rent 2,990
KINGBIRDCOMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2020 AND 2019 2020 Cash $9,950 Accounts receivable 20,550 Short-term investments 21,830 Inventory 42,340 Prepaid rent 2,990 Prepaid insurance 2,090 Supplies 990 Land 124,970 Buildings 353,000 Accumulated depreciation-buildings (104,980) Equipment 522,130 Accumulated depreciation equipment (128,890) Patents 44,7 Total assets $911,760 2019 $4,010 12,960 29,800 35,030 12,090 91 75 174,030 353,000 (86,810) 396,610 (111,580) 49,5 $868,826 Accounts payable $21,970 $31,740 Income taxes payable 5,030 3,980 Salaries and wages payable 4,980 3,020 Short-term notes payable 10,080 10,080 Long-term notes payable 60,150 70,050 Bonds payable 396,540 396,540 Premium on bonds payable 23,170 27,926 Common stock 241,390 218,640 Paid-in capital in excess of par-common stock 25,100 17,500 Retained earnings 123,350 89,350 Total liabilities and stockholders' equity $911,760 $868,826 KINGBIRD COMPANY INCOME STATEMENT AND DIVIDEND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold $1,170,900 752,630 418,270 $78,540 156,760 40,210 275,510 142,760 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 7,960 4,000 2,380 (51,710) (37,370) 105,390 39,370 66,020 (32,020) $34,000 KINGBIRD COMPANY Statement of Cash Flows (Direct Method) Cash receipts: Cash payments: Reconciliation Schedule Reconciliation of Net Income to Adjustments to reconcile net income to V
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