Condensed financial data of Nash Company for 2020 and 2019 are presented below. NASHCOMPANY COMPARATIVE BALANCE SHEET ASOF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,780 $1130 Receivables 1,740 1.290 Inventory 1,610 1,870 Plant assets 1,930 1,710 Accumulated depreciation (1.210 ) (1,150 ) Long-terminvestments (held-to-maturity) 1.290 1,440 $7.140 $6.290 Accounts payable $1.180 $900 Accrued liabilities 190 240 Bonds payable 1410 1.590 Common stock 1,920 1,690 Retained eamings 2,440 1,870 $7.140 $6.290 NASH COMPANY INCOMESTATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6.880 Cost of goods sold 4,650 Gross margin 2,230 Selling and administrative expenses 940 Income from operations 1.290 Other revenues and gains Gain on sale of investments 80 Income before tax 1.370 Income tax expense 540 Net income 830 Cash dividends 260 Income retained in business $570

Condensed financial data of Nash Company for 2020 and 2019 are presented below. NASHCOMPANY COMPARATIVE BALANCE SHEET ASOF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,780 $1130 Receivables 1,740 1.290 Inventory 1,610 1,870 Plant assets 1,930 1,710 Accumulated depreciation (1.210 ) (1,150 ) Long-terminvestments (held-to-maturity) 1.290 1,440 $7.140 $6.290 Accounts payable $1.180 $900 Accrued liabilities 190 240 Bonds payable 1410 1.590 Common stock 1,920 1,690 Retained eamings 2,440 1,870 $7.140 $6.290 NASH COMPANY INCOMESTATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6.880 Cost of goods sold 4,650 Gross margin 2,230 Selling and administrative expenses 940 Income from operations 1.290 Other revenues and gains Gain on sale of investments 80 Income before tax 1.370 Income tax expense 540 Net income 830 Cash dividends 260 Income retained in business $570

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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Question

100%

Condensed financial data of Nash Company for 2020 and 2019 are presented below.
NASH COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2020 AND 2019
2020
2019
Cash
$1,780
$1,130
Receivables
1,740
1,290
Inventory
1,610
1,870
Plant assets
1,930
1,710
Accumulated depreciation
(1,210 )
(1,150 )
Long-term investments (held-to-maturity)
1,290
1,440
$7.140
$6.290
$900
Accounts payable
Accrued liabilities
$1,180
190
240
Bonds payable
1,410
1,590
Common stock
1,920
1,690
Retained earnings
2,440
1,870
$7.140
$6,290
NASH COMPANY
INCOMESTATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue
$6,880
Cost of goods sold
4,650
Gross margin
2,230
Selling and administrative expenses
940
Income from operations
1,290
Other revenues and gains
Gain on sale of investments
80
Income before tax
1,370
Income tax expense
540
Net income
830
Cash dividends
260
Income retained in business
$570

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 eg.-15,000 or
in parenthesis eg. (15,000J
NASH COMPANY
Statement of Cash Flows
(Indirect Method)
Adjustments to reconcile net income to

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