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Condensed financial data of Teal Company for 2020 and 2019 are presented below. Cash TEAL COMPANY COMPARATIVE BALANCE SHEET...

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Condensed financial data of Teal Company for 2020 and 2019 are presented below. Cash TEAL COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 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 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 2.180 920 1,260 80 1,340 550 790 260 $530 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 eg -15,0 parenthesis eg. (15,000).)

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Step 1 Define CFS useful The Cash flow statement is useful for investors and creditors as because of View the full answer


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Intermediate Accounting

Intermediate Accounting

ISBN: 978-1119503668

17th edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel

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Question Details
Chapter # 23
Section: Exercises
Problem: 12
Posted Date: September 21, 2023 08:35:02
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