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Condensed financial data of Flounder Company for 2017 and 2016 are presented below. FLOUNDER COMPANY COMPARATIVE...

Condensed financial data of Flounder Company for 2017 and 2016 are presented below.

FLOUNDER COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016

2017

2016

Cash

$1,770

$1,170

Receivables

1,790

1,320

Inventory

1,610

1,940

Plant assets

1,910

1,680

Accumulated depreciation

(1,200

)

(1,190

)

Long-term investments (held-to-maturity)

1,300

1,420

$7,180

$6,340

Accounts payable

$1,210

$910

Accrued liabilities

200

240

Bonds payable

1,370

1,560

Common stock

1,880

1,740

Retained earnings

2,520

1,890

$7,180

$6,340

FLOUNDER COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2017

Sales revenue

$7,010

Cost of goods sold

4,730

Gross margin

2,280

Selling and administrative expenses

930

Income from operations

1,350

Other revenues and gains
   Gain on sale of investments

80

Income before tax

1,430

Income tax expense

540

Net income 890
Cash dividends

260

Income retained in business

$630


Additional information:

During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017.

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).)

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