Condensed financial data of Fairchild Company for 2010 and 2009 are presented below.
| FAIRCHILD COMPANY | ||
| Comparative Balance Sheet | ||
| Don't use plagiarized sources. Get Your Custom Essay on fairchild company direct and indirect method cash flow 497102 For $10/Page 0nly as of December 31 2010 and | ||
| 2010 | 2009 | |
| Cash | $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 | $6,300 | |
| Accounts 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 | $6,300 |
| FAIRCHILD COMPANY | |
| Income Statement | |
| For the Year Ended December 31, | |
| Sales | $6,900 |
| Cost of goods sold | 4,700 |
| Gross margin | 2,200 |
| Selling and administrative expense | 930 |
| Income from operations | 1,270 |
| Other revenues and gains | |
| Gain on sales of investments | 80 |
| Income before tax | 1,350 |
| Income tax expense | 540 |
| Net 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.
Instructions
Complete the statement of cash flows using the direct method and indirect method.
Economic Debate- Progressive Income Tax For this Economic Debate, we are going to discuss the…
TOPIC: Going Global Discussion Thread 1 (initial post due Wednesday for full credit) Please note:…
Assignment Topic This week will culminate in the creation of a narrated PowerPoint to create…
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted…
you need to post your 2-page information flier to share with your Final Project Group.…
discussion: Discuss the methods used at your company to measure and ensure quality products and…