Answer Happy

Balance Sheets, December 31 2019 2020 Changes Assets Cash and cash equivalents $39,000 $63,800 $24,800 68,000 72,200 4,200 Accounts receivable (net) Merchandise inventory Investments, long-term 156,000 152,000 (4,000) 20,000 20,000 Plant assets 361,000 24,000 Accumulated depreciation Total assets 337,000 (88,000) $512,000 14,000 (74,000) $595,000 $45,000 $40,000 (5,000) 3,000 1,000 (2,000) 3,000 4.000 7.000 Liabilities and Stockholders' Equity Accounts payable Salaries payable Income taxes payable Interest payable Bonds payable, issued at face value Common stock, no-par Retained earnings Total liabilities and stockholders' equity 5,000 0 5,000 200,000 200,000 O 311,000 71,000 240,000 15,000 $512,000 31,000 16,000 $595,000
Income Statement For Year Ended December 31, 2020 Sales revenue $240,000 (144,000) $96,000 (12,000) Cost of goods sold Gross margin Depreciation expense Salaries expense Income tax expense Interest expense Net income (24,000) (20,000) (4,000) $36,000 Additional information: 1. Purchased a plant asset, $60,000; issued capital stock in full payment. 2. Purchased a long-term investment in equity securities accounted for cash, $20,000 3. Declared and paid a cash dividend, $20,000. 4. Sold plant asset for $10,000 cash (cost, $36,000; accumulated depreciation, $26,000). 5. Sold capital stock, 1,000 shares at $11 per share cash. Note: Do not use either the positive/negative sign or the dollar sign with your answers. Required: 1 Net cash provided by operating activities using the indirect method is $ 2 Net cash used by financing activities is $ 3 Cash collected from customers, under the direct method, is $ 4 Cash paid for income taxes, under the direct method, is $