W. FLINT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 \begin{tabular}{lr} Sales revenue...
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W. FLINT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 \begin{tabular}{lr} Sales revenue & $7,100 \\ Cost of goods sold & 4,760 \\ \cline { 2 - 2 } Gross margin & 2,340 \\ Selling and administrative expenses & 930 \\ \cline { 2 - 2 } Income from operations & 1,410 \\ Other revenues and gains & 80 \\ Gain on sale of investments & 1,490 \\ Income before tax & 550 \\ Income tax expense & 940 \\ Net income & 260 \\ \cline { 2 - 2 } Cash dividends & $680 \\ Income retained in business & \end{tabular} Additional information: During the year, $80 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. -15,000 or in parenthesis e.g. (15,000).)
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