Condensed financial data of Flounder Company for 2020 and 2019 are presented below. FLOUNDER COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,760 $1,180 Receivables 1,780 1,280 Inventory 1,610 1,920 Plant assets 1,880 1,660 Accumulated depreciation (1,220 ) (1,190 ) Long-term investments (held-to-maturity) 1,310 1,400 $7,120 $6,250 Accounts payable $1,170 $880 Accrued liabilities 190 240 Bonds payable 1,390 1,540 Common stock 1,910 1,730 Retained earnings 2,460 1,860 $7,120 $6,250 FLOUNDER COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,020 Cost of goods sold 4,780 Gross margin 2,240 Selling and administrative expenses 910 Income from operations 1,330 Other revenues and gains Gain on sale of investments 70 Income before tax 1,400 Income tax expense 540 Net income 860 Cash dividends 260 Income retained in business $600 Additional information: During the year, $80 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.

Condensed financial data of Flounder Company for 2020 and 2019 are presented below. FLOUNDER COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,760 $1,180 Receivables...

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

FLOUNDER COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
	2020		2019
Cash	$1,760			$1,180
Receivables	1,780			1,280
Inventory	1,610			1,920
Plant assets	1,880			1,660
Accumulated depreciation	(1,220	)		(1,190	)
Long-term investments (held-to-maturity)	1,310			1,400
	$7,120			$6,250

Accounts payable	$1,170			$880
Accrued liabilities	190			240
Bonds payable	1,390			1,540
Common stock	1,910			1,730
Retained earnings	2,460			1,860
	$7,120			$6,250

FLOUNDER COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue		$7,020
Cost of goods sold		4,780
Gross margin		2,240
Selling and administrative expenses		910
Income from operations		1,330
Other revenues and gains
Gain on sale of investments		70
Income before tax		1,400
Income tax expense		540
Net income		860
Cash dividends		260
Income retained in business		$600

Additional information:

During the year, $80 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.

Jun 09, 2022

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Condensed financial data of Flounder Company for 2020 and 2019 are presented below. FLOUNDER COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,760 $1,180 Receivables...

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