PAT METHENY COMPANYStatement of Cash Flows(Indirect Method)Adjustments to recondle net Income toIncrease In InventorySale of Bonds Payable%24 COMPARATIVE BALANCE SHEETS OF DECEMBER 31,2020 AND 2019$1,8001,7501,600$1,1501,3001,0001,700(1,170)1,420CashRecetvablesInventoryPlant assets(1,200 )1,300$7,150Accumulated depreclatlonLong-term Investments (held-to-maturity)$6,300Accounts payableAccrued llabilitles200250Bonds payable1,4001,550Common stock1,700Retained eamings2,450$7,150$6,300PAT METHENY COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020$5,9004,200sales revEnuePjos spoo6 jo j50Selling and administrative expensesIncome fron operations9301,270Other revenues and gainsGain on sale of InvestrmentsIncome befare tax1,350Income tax expense540Net incoECash dy deds266Income retained In businessAdd tional information:

Proceed from Sale of Investment = Cost of Investment Sold + Gain on SaleProceed from Sale of…

Condensed fnanclal data of Pat Metheny Company for 2020 and 2019 are presented belav PAT METHENY COMPANY COMPARATIVE BALANCE SHEET S OF DECEMBER 31, 2020 AND 2019 2019 $1,800 1,750 1,600 1,900 (1,200 ) 1,300 $7,150 $1,150 1,300 1,900 1,700 (1,170 ) 1,420 Cash Recetvables Accumulated depreclation Long-term Investments (held-to-maturity) $6,300 Accounts payable Accrued liabilitles $1,200 200 250 Bonds payable 1,400 1,900 2,450 S7,150 1,550 1,700 1,900 $6,300 Common stock Retalned eamings PAT METHENY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue ర, 900 4,700 Cost of goods sold Selling and administrative expenses Income from operations Other revenues and gains 930 Gain on sale of Investrients 80 Income before tax Income tax expense 1,350 540 Net Income 810 Cash div dends 260 Income retained In business $550 Additional Information:

Condensed fnanclal data of Pat Metheny Company for 2020 and 2019 are presented belav PAT METHENY COMPANY COMPARATIVE BALANCE SHEET S OF DECEMBER 31, 2020 AND 2019 2019 $1,800 1,750 1,600 1,900 (1,200 ) 1,300 $7,150 $1,150 1,300 1,900 1,700 (1,170 ) 1,420 Cash Recetvables Accumulated depreclation Long-term Investments (held-to-maturity) $6,300 Accounts payable Accrued liabilitles $1,200 200 250 Bonds payable 1,400 1,900 2,450 S7,150 1,550 1,700 1,900 $6,300 Common stock Retalned eamings PAT METHENY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue ర, 900 4,700 Cost of goods sold Selling and administrative expenses Income from operations Other revenues and gains 930 Gain on sale of Investrients 80 Income before tax Income tax expense 1,350 540 Net Income 810 Cash div dends 260 Income retained In business $550 Additional Information:

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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