BRAMBLE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash...
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BRAMBLE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,760 $1,130 Receivables 1,740 1,270 Inventory 1,640 1,880 Plant assets 1,890 1,700 Accumulated depreciation (1,280) (1,150) Long-term investments (held-to-maturity) 1,280 1,400 $7,030 $6,230 Accounts payable $1,200 $920 Accrued liabilities 190 260 Bonds payable 1,380 1,520 Common stock 1,870 1,660 Retained earnings 2,390 1,870 $7,030 $6,230 BRAMBLE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,970 Cost of goods sold 4,780 Gross margin 2,190 Selling and administrative expenses 930 Income from operations 1,260 Other revenues and gains Gain on sale of investments 70 Income before tax 1,330 Income tax expense 550 Net income 780 Cash dividends 260 Income retained in business $520 Additional information: During the year, $80 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Statement of Cash Flows (Direct Method) $ $ > > > >
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