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Condensed financial data of Fairchild Company for 2010 and 2009 are presented below.
Condensed financial data of Fairchild Company for 2010 and 2009 are presented below. FAIRCHILD COMPANY Comparative Balance Sheet as of December 31 2010 and 2009 2010 2009Cash $1,800 $1,100 Receivables 1,750 1,300 Inventory 1,600 1,900 Plant assets 1,900 1,700 Accumulated depreciation (1,200) (1,170) Long-term investments (Held-to-maturity) 1,300 1,470 $7,150 $6,300Accounts payable $1,200 $ 800 Accrued liabilities 200 250 Bonds payable 1,400 1,650 Capital stock 1,900 1,700 Retained earnings 2,450 1,900 $7,150 $6,300FAIRCHILD COMPANY Income Statement For the year ended December 31, 2010Sales $6,900 Cost of goods sold 4,700Gross margin 2,200 Selling and administrative expense 930Income from operations 1,270 Gain on sales of investments 80Income before tax 1,350 Income tax expense 540Net income $810 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2010. Cash dividends were $260. InstructionsComplete the statement of cash flows using the indirect method.
