Condensed financial data of Ivanhoe Company for 2020 and 2019 are presented below. IVANHOE COMPANY COMPARATIVE...

  
 
 

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Condensed financial data of Ivanhoe Company for 2020 and 2019 are presented below. IVANHOE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,800 $1,130 Receivables 1,770 1,320 Inventory 1,560 1,890 Plant assets 1,900 1,700 Accumulated depreciation (1,220 ) (1,180 ) Long-term investments (held-to-maturity) 1,300 1,430 $7,110 $6.290 Accounts payable $1,220 $890 Accrued liabilities 190 250 Bonds payable 1,410 1,520 Common stock 1,870 1,730 Retained earnings 2,420 1,900 $7,110 $6,290 IVANHOE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,860 Cost of aoodr rol IVANHOE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 $6,860 Sales revenue 4,710 Cost of goods sold 2,150 Gross margin Selling and administrative expenses Income from operations 920 1,230 Other revenues and gains Gain on sale of investments 80 Income before tax 1,310 Income tax expense 530 Net income 780 Cash dividends 260 Income retained in business $520 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 direct method. (Show amounts in the investing and financing sections cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000),) IVANHOE COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 Additional information: During the year, $70 of common stock was issued in exchange for plant assets, No plant assets were sold in 2020. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) IVANHOE COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Direct Method) Cash Flows from Operating Activities Cash Receipts from Customers 6410 Cash Pald for Merchandise %2$ 4050 Cash Paid for Selling/Administrative Expenses -920 Cash Paid for Income Taxes 530 5500 Net Cash Provided by Operating Activities: 910 Net Casn Providedby Operating AcIVtes Condensed financial data of Ivanhoe Company for 2020 and 2019 are presented below. IVANHOE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,800 $1,130 Receivables 1,770 1,320 Inventory 1,560 1,890 Plant assets 1,900 1,700 Accumulated depreciation (1,220 ) (1,180 ) Long-term investments (held-to-maturity) 1,300 1,430 $7,110 $6.290 Accounts payable $1,220 $890 Accrued liabilities 190 250 Bonds payable 1,410 1,520 Common stock 1,870 1,730 Retained earnings 2,420 1,900 $7,110 $6,290 IVANHOE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,860 Cost of aoodr rol IVANHOE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 $6,860 Sales revenue 4,710 Cost of goods sold 2,150 Gross margin Selling and administrative expenses Income from operations 920 1,230 Other revenues and gains Gain on sale of investments 80 Income before tax 1,310 Income tax expense 530 Net income 780 Cash dividends 260 Income retained in business $520 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 direct method. (Show amounts in the investing and financing sections cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000),) IVANHOE COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 Additional information: During the year, $70 of common stock was issued in exchange for plant assets, No plant assets were sold in 2020. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) IVANHOE COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Direct Method) Cash Flows from Operating Activities Cash Receipts from Customers 6410 Cash Pald for Merchandise %2$ 4050 Cash Paid for Selling/Administrative Expenses -920 Cash Paid for Income Taxes 530 5500 Net Cash Provided by Operating Activities: 910 Net Casn Providedby Operating AcIVtes

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