Condensed financial data of Teal Company for 2020 and 2019 are presented below. Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) TEAL COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 Accounts payable 4 Accrued liabilities Bonds payable Common stock Retained earnings TEAL COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,960 Cost of goods sold 4.780 Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business Additional information: 2.180 920 1,260 80 1,340 550 790 260 $530 2020 $1,810 1.740 1.630 1.910 (1.220) 1.280 $7.150 $1,220 190 1,420 1,940 2,380 $7,150 2019 $1,160 1,310 1,890 1.720 (1.180) 1.420 $6.320 $920 240 1.580 1.730 1,850 $6.320 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 parenthesis eg. (15,000))

Condensed financial data of Teal Company for 2020 and 2019 are presented below. Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) TEAL COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 Accounts payable 4 Accrued liabilities Bonds payable Common stock Retained earnings TEAL COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,960 Cost of goods sold 4.780 Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business Additional information: 2.180 920 1,260 80 1,340 550 790 260 $530 2020 $1,810 1.740 1.630 1.910 (1.220) 1.280 $7.150 $1,220 190 1,420 1,940 2,380 $7,150 2019 $1,160 1,310 1,890 1.720 (1.180) 1.420 $6.320 $920 240 1.580 1.730 1,850 $6.320 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 parenthesis eg. (15,000))

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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