23. Condensed financial data of Novak Company for 2020 and 2019 are presented below. NOVAK COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,180 Receivables...


23.


Condensed financial data of Novak Company for 2020 and 2019 are presented below.


















































































































































NOVAK COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2020 AND 2019



2020



2019


Cash


$1,830


$1,180


Receivables


1,710


1,320


Inventory


1,590


1,920


Plant assets


1,890


1,710


Accumulated depreciation


(1,220


)


(1,190


)


Long-term investments (held-to-maturity)


1,320


1,440


$7,120


$6,380


Accounts payable


$1,190


$890


Accrued liabilities


210


260


Bonds payable


1,400


1,580


Common stock


1,940


1,660


Retained earnings


2,380


1,990


$7,120


$6,380









































































NOVAK COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2020


Sales revenue


$6,720


Cost of goods sold


4,680


Gross margin


2,040


Selling and administrative expenses


920


Income from operations


1,120


Other revenues and gains


   Gain on sale of investments


80


Income before tax


1,200


Income tax expense


550


Net income

650

Cash dividends


260


Income retained in business


$390





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 indirect method.
(Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)





































































































































































NOVAK COMPANY
Statement of Cash Flows

choose the accounting period

(Indirect Method)


select an opening name for section one


select an item


$enter a dollar amount


Adjustments to reconcile net income to


select a subsection name


select an item


$enter a dollar amount


select an item


enter a dollar amount


select an item


enter a dollar amount


select an item


enter a dollar amount


select an item


enter a dollar amount


select an item


enter a dollar amount


enter a subtotal of the adjustments


select a closing name for section one


enter a total amount for section one


select an opening name for section two


select an item


enter a dollar amount


select an item


enter a dollar amount


select a closing name for section two


enter a total amount for section two


select an opening name for section three


select an item


enter a dollar amount


select an item


enter a dollar amount


select an item


enter a dollar amount


select a closing name for section three


enter a total amount for section three


select an item


enter a total amount for three sections


select an item


enter a dollar amount


select a closing name for this statement


$enter a total of the two previous amounts


select an opening name for additional section


select an item


$enter a dollar amount


Jun 10, 2022
SOLUTION.PDF
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here
Have files?