24.Condensed financial data of Sheffield Company for 2020 and 2019 are presented...

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24.Condensed financial data of Sheffield Company for 2020 and 2019 are presented below.																						SHEFFIELD COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019																																						2020																												2019																								Cash																	$1,800																					$1,130																							Receivables																	1,770																					1,320																							Inventory																	1,560																					1,890																							Plant assets																	1,900																					1,700																							Accumulated depreciation																	(1,220													)																	(1,180													)																			Long-term investments (held-to-maturity)																	1,300																					1,430																															$7,110																					$6,290																																																									Accounts payable																	$1,220																					$890																							Accrued liabilities																	190																					250																							Bonds payable																	1,410																					1,520																							Common stock																	1,870																					1,730																							Retained earnings																	2,420																					1,900																															$7,110																					$6,290																																			SHEFFIELD COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020																								Sales revenue																	$6,860																			Cost of goods sold																	4,710																			Gross margin																	2,150																			Selling and administrative expenses																	920																			Income from operations																	1,230																			Other revenues and gains																											   Gain on sale of investments																	80																			Income before tax																	1,310																			Income tax expense																	530																			Net income												780															Cash dividends																	260																			Income retained in business																	$520											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 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).)																								SHEFFIELD COMPANYStatement of Cash Flows						choose the accounting period							(Direct Method)																								select an opening name for section one																											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 three previous amounts																			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

24. Condensed financial data of Sheffield Company for 2020 and 2019 are presented below. SHEFFIELD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,800 $1,130...

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SHEFFIELD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
	2020		2019
Cash	$1,800			$1,130
Receivables	1,770			1,320
Inventory	1,560			1,890
Plant assets	1,900			1,700
Accumulated depreciation	(1,220	)		(1,180	)
Long-term investments (held-to-maturity)	1,300			1,430
	$7,110			$6,290

Accounts payable	$1,220			$890
Accrued liabilities	190			250
Bonds payable	1,410			1,520
Common stock	1,870			1,730
Retained earnings	2,420			1,900
	$7,110			$6,290

SHEFFIELD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue		$6,860
Cost of goods sold		4,710
Gross margin		2,150
Selling and administrative expenses		920
Income from operations		1,230
Other revenues and gains
Gain on sale of investments		80
Income before tax		1,310
Income tax expense		530
Net income		780
Cash dividends		260
Income retained in business		$520

SHEFFIELD COMPANY Statement of Cash Flows choose the accounting period (Direct Method)
select an opening name for section one
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 three previous amounts
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