Condensed financial data of Cullumber Company for 2020 and 2019 are presented below. CULLUMBER COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,790 $1,170 Receivables 1,780 1,310 Inventory 1,580 1,900 Plant assets 1,900 1,720 Accumulated depreciation (1,180 ) (1,140 ) Long-term investments (held-to-maturity) 1,310 1,420 $7,180 $6,380 Accounts payable $1,220 $880 Accrued liabilities 210 240 Bonds payable 1,380 1,550 Common stock 1,930 1,660 Retained earnings 2,440 2,050 $7,180 $6,380 CULLUMBER COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,690 Cost of goods sold 4,650 Gross margin 2,040 Selling and administrative expenses 930 Income from operations 1,110 Other revenues and gains Gain on sale of investments 90 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).) CULLUMBER 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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

CULLUMBER COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
	2020		2019
Cash	$1,790			$1,170
Receivables	1,780			1,310
Inventory	1,580			1,900
Plant assets	1,900			1,720
Accumulated depreciation	(1,180	)		(1,140	)
Long-term investments (held-to-maturity)	1,310			1,420
	$7,180			$6,380

Accounts payable	$1,220			$880
Accrued liabilities	210			240
Bonds payable	1,380			1,550
Common stock	1,930			1,660
Retained earnings	2,440			2,050
	$7,180			$6,380

CULLUMBER COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue		$6,690
Cost of goods sold		4,650
Gross margin		2,040
Selling and administrative expenses		930
Income from operations		1,110
Other revenues and gains
Gain on sale of investments		90
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).)

CULLUMBER COMPANY Statement of Cash Flows choose the accounting period

(Indirect Method)
select an opening name for section one

select an item

select a subsection name
		$enter a dollar amount
Adjustments to reconcile net income to

select an item

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 a closing name for section one
	enter a dollar amount
		enter a subtotal of the adjustments

select an opening name for section two
		enter a total amount for section one

select an item

select an item
	enter a dollar amount

select a closing name for section two
	enter a dollar amount

select an opening name for section three
		enter a total amount for section two

select an item

select an item
	enter a dollar amount

select an item
	enter a dollar amount

select a closing name for section three
	enter a dollar amount

select an item
		enter a total amount for section three

select an item
		enter a total amount for three sections

select a closing name for this statement
		enter a dollar amount

select an opening name for additional section
		$enter a total of the two previous amounts

select an item

		$enter a dollar amount

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