Question: Please, I need answer for everything. Thank you. Condensed financial data of Sarasota Company for 2020 and 2019 are presented below. SARASOTA COMPANY COMPARATIVE BALANCE




Condensed financial data of Sarasota Company for 2020 and 2019 are presented below. SARASOTA COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,790 $1,170 Receivables 1,780 1,310 Inventory 1,580 1,900 Plant assets 1,900 1,720 Accumulated depreciation (1,180) (1,140) Long-term investments (held-to-maturity) 1,310 1,420 $7.180 $6,380 Accounts payable $1,220 $880 Accrued liabilities 210 240 1,380 1,550 Bonds payable Common stock 1,930 1,660 Retained earnings 2,440 2,050 $7,180 $6,380 SARASOTA COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,690 Cost of goods sold 4,650 Gross margin 2,040 Selling and administrative expenses 930 Income from operations 1.110 Other revenues and gains Gain on sale of investments 90 1.200 Income before tax Income tax expense Net income 550 650 Cash dividends 260 Income retained in business $390 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 e.g. SARASOTA COMPANY Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income to . $ . $ - 4 + +
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