Metlock Company has not yet prepared a statement of cash flows for the 2020 fiscal year....

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Metlock Company has not yet prepared a statement of cash flows for the 2020 fiscal year. Comparative balance sheets as of December 31, 2019 and 2020, and a statement of income and retained earnings for the year ended December 31, 2020, are presented as follows. METLOCK COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2020 ($000 OMITTED) Sales revenue Expenses Cost of goods sold Salaries and benefits Heat, light, and power Depreciation Property taxes Patent amortization Miscellaneous expenses Interest Income before income taxes Income taxes Net income Retained earnings-Jan, 1, 2020 $1,210 720 80 80 20 30 10 30 $3,800 2,180 1,620 810 810 || 290 Stock dividend declared and issued Retained earnings-Dec. 31, 2020 Assets Current assets Cash U.S. Treasury notes (available-for-sale) Accounts receivable Inventory Total current assets Long-term assets Land 1,100 560 $540 METLOCK COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31 ($000 OMITTED) Buildings and equipment Accumulated depreciation-buildings and equipment Patents (less amortization) 2020 $410 10 770 730 1,920 140 910 (220) 110 2019 $120 50 510 570 1,250 70 610 (140) 140 Total long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Notes payable Total current liabilities Long-term notes payable-due 2022 Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 940 $2,860 $457 43 350 850 210 1,060 1,260 540 1,800 $2,860 680 $1,930 $350 30 350 730 210 940 700 290 990 $1,930 Prepare a statement of cash flows using the direct method. Changes in accounts receivable and accounts payabi cost of goods sold. (Show amounts in the investing and financing sections that decrease cash flow with either a-sign e parenthesis e.g. (15,000).) a Amazon.com Shopping Cart x Amazon.com Shopping Cart x wiley.com/was/ui/v2/assessment-player/index.html?launchid=4a29b2e6-b072-401d-851c-221a29b95757#/question/5 rk Problems Question 6 of 6 Content < NWP Assessment Builde METLOCK COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 ($000 Omitted) Metlock Company has not yet prepared a statement of cash flows for the 2020 fiscal year. Comparative balance sheets as of December 31, 2019 and 2020, and a statement of income and retained earnings for the year ended December 31, 2020, are presented as follows. METLOCK COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2020 ($000 OMITTED) Sales revenue Expenses Cost of goods sold Salaries and benefits Heat, light, and power Depreciation Property taxes Patent amortization Miscellaneous expenses Interest Income before income taxes Income taxes Net income Retained earnings-Jan, 1, 2020 $1,210 720 80 80 20 30 10 30 $3,800 2,180 1,620 810 810 || 290 Stock dividend declared and issued Retained earnings-Dec. 31, 2020 Assets Current assets Cash U.S. Treasury notes (available-for-sale) Accounts receivable Inventory Total current assets Long-term assets Land 1,100 560 $540 METLOCK COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31 ($000 OMITTED) Buildings and equipment Accumulated depreciation-buildings and equipment Patents (less amortization) 2020 $410 10 770 730 1,920 140 910 (220) 110 2019 $120 50 510 570 1,250 70 610 (140) 140 Total long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Notes payable Total current liabilities Long-term notes payable-due 2022 Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 940 $2,860 $457 43 350 850 210 1,060 1,260 540 1,800 $2,860 680 $1,930 $350 30 350 730 210 940 700 290 990 $1,930 Prepare a statement of cash flows using the direct method. Changes in accounts receivable and accounts payabi cost of goods sold. (Show amounts in the investing and financing sections that decrease cash flow with either a-sign e parenthesis e.g. (15,000).) a Amazon.com Shopping Cart x Amazon.com Shopping Cart x wiley.com/was/ui/v2/assessment-player/index.html?launchid=4a29b2e6-b072-401d-851c-221a29b95757#/question/5 rk Problems Question 6 of 6 Content < NWP Assessment Builde METLOCK COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 ($000 Omitted)

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Answer To prepare the statement of cash flows for Metlock Company using the direct method we need to ... View the full answer