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Your answer is partially correct. Try again. Condensed financial data of Monty Company for 2017 and 2016 are presented below. MONTY COMPANY COMPARATIVE BALANCE SHEET
Your answer is partially correct. Try again. Condensed financial data of Monty Company for 2017 and 2016 are presented below. MONTY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2016 Cash $1,170 Receivables 1,320 1,940 Inventory Plant assets Accumulated depreciation 2017 $1,770 1,790 1,610 1,910 (1,200 ) 1,300 $7,180 1,680 (1,190 ) 1,420 $6,340 Long-term investments (held-to-maturity) Accounts payable $910 $1,210 200 Accrued liabilities Bonds payable Common stock Retained earnings 1,370 1,880 2,520 240 1,560 1,740 1,890 $7,180 $6,340 $7,180 $6,340 MONTY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $7,010 4,730 2,280 930 Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments 1,350 80 1,430 Income before tax Income tax expense Net income 540 890 260 Cash dividends Income retained in business $630 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) MONTY COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 (Direct Method) ) TCash Flows from Operating Activities A TCash Receipts from Customers $ 6540 T Cash Paid for 540 andise 1 4130 4130 Cash Paid for Selling/Administrative Expenses 950 Cash Paid for Income Taxes T 540 5620 T Net Cash Provided by Operating Activities Al 920 Cash Flows from Investing Activities Sale of Investments 200
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