Homework answers / question archive / Condensed financial data of Fairfield Company for 2010 and 2009 are presented below:  Comparative Balance Sheet   as at December 31, 2010 and 2009   2010 2009   Cash $2,150 $1,110  Receivables 1,750 1,300  Inventory 1,600 1,900  Plant Assets 1,910 1,700  Accumulated Depreciation (1,200) (1,170)  Long-term investments (Held-to-Maturity) 1,300 1,470  $7,510 $6,310   Accounts Payable $1,250 $800  Income Tax Payable 90 10  Accrued Liabilities 200 250  Bonds Payable 1,400 1,650  Capital Stock 1,910 1,700  Retained Earnings 2,660 1,900  $7,510 $6,310   Income Statement For the year ended December 31, 2010   Sales $7,000  Cost of goods sold 4,700  Gross margin 2,300  Depreciation 30  Selling and administrative expense 900  Income from operations 1,370  Loss on sale of investments 70  Income before tax 1,300  Income tax expense 390  Net Income 910  Additional information: No plant assets were sold in 2010

Condensed financial data of Fairfield Company for 2010 and 2009 are presented below:  Comparative Balance Sheet   as at December 31, 2010 and 2009   2010 2009   Cash $2,150 $1,110  Receivables 1,750 1,300  Inventory 1,600 1,900  Plant Assets 1,910 1,700  Accumulated Depreciation (1,200) (1,170)  Long-term investments (Held-to-Maturity) 1,300 1,470  $7,510 $6,310   Accounts Payable $1,250 $800  Income Tax Payable 90 10  Accrued Liabilities 200 250  Bonds Payable 1,400 1,650  Capital Stock 1,910 1,700  Retained Earnings 2,660 1,900  $7,510 $6,310   Income Statement For the year ended December 31, 2010   Sales $7,000  Cost of goods sold 4,700  Gross margin 2,300  Depreciation 30  Selling and administrative expense 900  Income from operations 1,370  Loss on sale of investments 70  Income before tax 1,300  Income tax expense 390  Net Income 910  Additional information: No plant assets were sold in 2010

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Condensed financial data of Fairfield Company for 2010 and 2009 are presented below: 
Comparative Balance Sheet  
as at December 31, 2010 and 2009  
2010 2009  
Cash $2,150 $1,110 
Receivables 1,750 1,300 
Inventory 1,600 1,900 
Plant Assets 1,910 1,700 
Accumulated Depreciation (1,200) (1,170) 
Long-term investments (Held-to-Maturity) 1,300 1,470 
$7,510 $6,310  
Accounts Payable $1,250 $800 
Income Tax Payable 90 10 
Accrued Liabilities 200 250 
Bonds Payable 1,400 1,650 
Capital Stock 1,910 1,700 
Retained Earnings 2,660 1,900 
$7,510 $6,310  

Income Statement For the year ended December 31, 2010  
Sales $7,000 
Cost of goods sold 4,700 
Gross margin 2,300 
Depreciation 30 
Selling and administrative expense 900 
Income from operations 1,370 
Loss on sale of investments 70 
Income before tax 1,300 
Income tax expense 390 
Net Income 910 

Additional information: No plant assets were sold in 2010. Cash dividends were $150. 

Required: 
(a) Prepare a statement of cash flows for 2010 using the indirect method. 
(b) Using the direct method, prepare the Operating Activities section of the statement of cash flows for 2010.