Condensed financial data of Concord Company for 2020 and 2019 are presented below. Cash Receivables Inventory...

 

 

Transcribed Image Text:

Condensed financial data of Concord Company for 2020 and 2019 are presented below. Cash Receivables Inventory Plant assets CONCORD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,760 1,780 1,610 1,880 (1,220) 1,310 $7,120 $1,170 190 1,390 1,910 2,460 $7,120 2019 $1,180 1,280 1,920 1,660 (1,190) 1,400 $6,250 $880 240 1,540 1,730 1,860 $6,250 CONCORD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold 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: $7,020 4,780 2,240 910 1,330 70 1,400 540 860 260 $600 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 indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CONCORD COMPANY Statement of Cash Flows Adjustments to reconcile net income to L (Indirect Method) $ Condensed financial data of Concord Company for 2020 and 2019 are presented below. Cash Receivables Inventory Plant assets CONCORD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,760 1,780 1,610 1,880 (1,220) 1,310 $7,120 $1,170 190 1,390 1,910 2,460 $7,120 2019 $1,180 1,280 1,920 1,660 (1,190) 1,400 $6,250 $880 240 1,540 1,730 1,860 $6,250 CONCORD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold 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: $7,020 4,780 2,240 910 1,330 70 1,400 540 860 260 $600 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 indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CONCORD COMPANY Statement of Cash Flows Adjustments to reconcile net income to L (Indirect Method) $

Answer rating: 100% (QA)

Answer Solution CONCORD COMPANY Statement of Cash Flows For the Year Ended December 31 2020 Indirect Method Cash Flow from Operating Activities Amount ... View the full answer