Presented below is a statement of cash flows for Plum, Inc., for the year ended December 31, 2020.Also shown is a partially completed comparative balance sheet as of December 31, 2020 and 2019.
Required:
(a.)Complete the December 31, 2020 and 2019 balance sheets.
(b.)Prepare a Statement of Changes in Retained Earnings for the year ended December 31, 2020.
Definitions:
New Product Development
The complete process of bringing a new product or service to the market, from idea generation and concept testing to design, production, and marketing.
Consumer Insights
The understanding and interpretation of customer data, behaviors, and feedback to drive product development, marketing strategies, and other business decisions.
Commercialization
The process of bringing a new product or service to the market, involving production, pricing, distribution, and marketing strategies.
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