Condensed financial data of Sheffield Company for 2020 and 2019 are presented below. SHEFFIELD 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

Cornerstones of Financial Accounting
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ISBN:9781337690881
Author:Jay Rich, Jeff Jones
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Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 103.4C
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24.

Condensed financial data of Sheffield Company for 2020 and 2019 are presented below.

SHEFFIELD 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
 

 

SHEFFIELD COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue
 
$6,860
Cost of goods sold
 
4,710
Gross margin
 
2,150
Selling and administrative expenses
 
920
Income from operations
 
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 that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

SHEFFIELD COMPANY
Statement of Cash Flows
choose the accounting period                                                           
(Direct Method)
select an opening name for section one                                                           
   
select an item                                                           
 
$enter a dollar amount 
select an item                                                           
$enter a dollar amount 
 
select an item                                                           
enter a dollar amount
 
select an item                                                           
enter a dollar amount
 
   
enter a subtotal of the three previous amounts
select a closing name for section one                                                           
 
enter a total amount for section one
     
select an opening name for section two                                                           
   
select an item                                                           
enter a dollar amount
 
select an item                                                           
enter a dollar amount
 
select a closing name for section two                                                           
 
enter a total amount for section two
     
select an opening name for section three                                                           
   
select an item                                                           
enter a dollar amount
 
select an item                                                           
enter a dollar amount
 
select an item                                                           
enter a dollar amount
 
select a closing name for section three                                                           
 
enter a total amount for section three
     
select an item                                                           
 
enter a total amount for three sections
select an item                                                           
 
enter a dollar amount
select a closing name for this statement                                                           
 
$enter a total of the two previous amounts 
     
select an opening name for additional section                                                           
   
select an item                                                           
 
$enter a dollar amount 
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