Working backward from the statement of cash flows. Exhibit 15.6 presents an income statement and a statement
Question:
Working backward from the statement of cash flows. Exhibit 15.6 presents an income statement and a statement of cash flows for Metals Company for 2009.
Give the entry made on the T-account work sheet for each of the numbered line items. For example, the work sheet entry for line (1) is as follows (amounts inmillions):
Transcribed Image Text:
Metals Company EXHIBIT 15.6 (Problem 4) Income Statement for 2009 (all dollar amounts in millions) Sales Revenues $20,465.0 Gain on Sale of Marketable Securities 20.8 Equity in Earnings of Affiliates . 214.0 Total Revenues and Gains . $20,699.8 Cost of Goods Sold . $ 9,963.3 General and Administrative Expenses Interest Expense .. Income Tax Expense Total Expenses 5,570.2 2,887.3 911.6 $19,332.4 Net Income $ 1,367.4 Statement of Cash Flows for 2009 (all dollar amounts in millions) OPERATIONS $ 1,367.4 (1) Net Income Adjustments for Noncash Transactions: (2) Depreciation ... 664.0 (3) Increase in Deferred Tax Liability .. 82.0 (4) Equity in Undistributed Earnings of Affiliates (47.1) (5) Gain from Sale of Marketable Securities Available for Sale (20.8) (6) (Increase) Decrease in Accounts Receivable 74.6 (7) (Increase) Decrease in Inventories ... (198.9) (8) (Increase) Decrease in Prepayments (40.3) (9) Increase (Decrease) in Accounts Payable for Inventory (10) Increase (Decrease) in Other Current Liabilities Cash Flow from Operations.... 33.9 (110.8) $ 1,804.0 INVESTING (11) Sale of Marketable Securities Available for Sale 49.8 (12) Acquisition of Marketable Securities Available for Sale (73.2) (13) Acquisition of Property, Plant, and Equipment .. (14) Acquisition of Subsidiaries .... Cash Flow from Investing (875.7) (44.5) $ (943.6) FINANCING (15) Common Stock Issued to Employees.. (16) Repurchase of Common Stock (17) Dividends Paid to Shareholders (18) Additions to Short-Term Borrowing (19) Additions to Long-Term Debt (20) Payments on Long-Term Debt Cash Flow from Financing Change in Cash Cash, Beginning of Year Cash, End of Year ... 34.4 (100.9) (242.9) 127.6 121.6 (476.4) $ (536.6) 323.8 506.8 830.6 SUPPLEMENTARY INFORMATION (21) Acquisition of Property, Plant, and Equipment by Mortgaged Borrowing (22) Acquisition of Property, Plant, and Equïpment by Capital Leases ... 76.9 98.2 (23) Conversion of Debt into Common Stock 47.8 (24) Other Current Liabilities represents obligations for General and Administrative Expenses.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (18 reviews)
Metals Company working backwards from statement of cash flowsBased on financial statements of Alcoa 2 Cash Operations x Depreciation Expense Add back ...View the full answer
Answered By
Amit Kumar
I am a student at IIT Kanpur , which is one of the prestigious colleges in INDIA.
Cleared JEE Advance in 2017.I am a flexible teacher because I understand that all students learn in different ways and at different paces. When teaching, I make sure that every student has a grasp of the subject before moving on.
I will help student to get the basic understanding clear. I believe friendly behavior with student can help both the student and the teacher.
I love science and my students do the same.
4.90+
44+ Reviews
166+ Question Solved
Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
Question Posted:
Students also viewed these Managerial Accounting questions
-
Exhibit 3.34 presents a statement of cash flows for Starbucks for 2010, 2011, and 2012. This statement is an expanded version of the statement of cash flows for Starbucks shown in Exhibit 1.28....
-
Exhibit 3.32 presents a statement of cash flows for Walmart for fiscal 2015, 2014, and 2013. This statement matches the Walmart statement of cash flows in Appendix A, and is an expanded version of...
-
The statement of cash flows provides information about changes in the structure of a firms assets and sources of financing. Explain.
-
27 13. Name-4 Abdominal Quadrants and 9 Abdominopelvic Regions using the PowerPoint Number Quadrant 1 2 3 4 Number Region 1 2 D. Bladder: E. Small Intestine: F. Spleen: G. Pancreas: 34 5 6 Tolla 7 8...
-
Stock A and B have the following returns: _________________ Stock A _______________ Stock B 1 .......................... 0.10 ........................... 0.06 2 .......................... 0.07...
-
Sketch the 1H NMR spectrum you would expect for the following compound, showing the splitting patterns and relative position of each signal. CI CI Cl CI CI CI
-
On October 1, 2020, New Co. issued an eight-year, \(6 \%, \$ 1,000\) bond at face value, with cash interest payable semiannually on April 1 and October 1. Required Provide journal entries to be made...
-
The Porsche Shop, founded in 1985 by Dale Jensen, specializes in the restoration of vintage Porsche automobiles. One of Jensens regular customers asked him to prepare an estimate for the restoration...
-
Product Profitability AnalysisGalaxy Sports Inc. manufactures and sells two styles of AllTerrain Vehicles (ATVs), the Conquistador and Hurricane, from asingle manufacturing facility. The manufactur 2...
-
CASE: TGIF Its 4:30 on a Friday afternoon and the weekly beer bust is in full swing at Quantum Softwares Denver headquarters. The sun shines on the volleyball court and beyond; the patio sparkles...
-
Effects of transactions on statement of cash flows. Exhibit 5.16 in Chapter 5 provides a simplified statement of cash flows. For each of the transactions that follow, indicate the number(s) of the...
-
Deriving direct method presentation of cash flow from operations using data from the T-account work sheet. Refer to the data in Exhibit 15.6 for Metals Company for 2009. Derive a presentation of cash...
-
Where in Caterpillars value chain is the firm creating value for its customers?
-
Suppose you are given a data set with x (the marketing budget in TV in thousand dollars), x2 (the marketing budget in social media in thousand dollars), y (the sales of the product in thousand...
-
A proton enters a region of uniform electric field of magnitude 7 9 . 5 N / C with an initial velocity of 2 0 . 9 km / s directed perpendicularly to the electric field. What is the speed of the...
-
Cane Company manufactures two products called Alpha and Beta that sell for $185 and $120, respectively. Each product uses only one type of raw material that costs $5 per pound. The company has the...
-
John Panda was a guest at the Vacation Inn Express, a mid-priced, limited service hotel in an urban area. When he arrived at the hotel he inquired about the availability of a workout room. Upon...
-
You correctly identify from professor Jenkins lecture that the wear-and-tear theories of aging argue that the body constantly manufactures both energy and what other outcome that eventually reaches a...
-
Find the exit concentration and the conversion for a laminar-flow reactor under the following conditions using the segregated model: radius \(1 \mathrm{~cm}\), length \(500 \mathrm{~cm}\), mass flow...
-
l ask this second time correnct answer is 38,01 can we look pls Consider a non-conducting rod of length 8.8 m having a uniform charge density 4.5 nC/m. Find the electric potential at P, a...
-
How many milliliters of carbon dioxide gas at STP are produced from the decomposition of 5.00 g of iron(III) carbonate? Fe(CO3)3(S) FeO3(s) + 3CO(8)
-
The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2010: Required 1. Prepare in good form a classified balance sheet...
-
The following items, in alphabetical order, are available from the records of Walker Corporation as of December 31, 2010 and 2009: Required 1. Calculate the following as of December 31, 2010, and...
-
The balance sheet of Stevenson Inc. includes the following items: Required 1. Determine the current ratio and working capital. 2. Beyond the information provided in your answers to (1), what does the...
-
Opportunity cost Opportunity cost is the cost of choice It is the cost of the next best alternative given up, in order to consume/produce a good or service. . What would you buy with US$10? (next...
-
Murach c# 7e chapter 04 , exercise 4-2. Invoice total calcula
-
Define in detail the policy models as discussed in Chapter 1
Study smarter with the SolutionInn App