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********************** 1 ,2 Refer to Campbell Soup Company's statement of Campbell Soup cash flows in Appendix A. Required: Convert Campbell's statement of cash flows for

********************** 1 ,2

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Refer to Campbell Soup Company's statement of Campbell Soup cash flows in Appendix A. Required: Convert Campbell's statement of cash flows for Year 11 to show cash flows from operations (CFO) using the direct method. For purposes of this problem only, asone the following: a. Net change in other current assets and current liabilities of $30.6 consists of: Decrease in prepaid expenses $(25.3) Decrease in accounts payable 42.8 Increase in taxes payable. . .. . . . ... (21.3) Increase in accruals and payrolls . . . (26.8) $(30.6) b. Campbell disposed of a division in Year 11 reporting revenues of $7.5 million and an after-tax loss of $5.3 mil- lion. The loss is included in expenses. The CFO presentation should include revenues and expenses of the discontinued operations in Year 11. Refer to Campbell Soup Company's statement of cash flows in Appendix A. Campbell Soup Required: Convert Campbell's statement of cash flows for Year 10 to report its cash from operations under the direct method. (For purposes of this assignment only, assume Campbell disposed of a division in Year 10 that had revenues of $7.5 million and an after-tax loss of $5.3 million. The loss is in- cluded in expenses. The CFO presentation should include revenues and expenses of discontinued operations in Year 10.)

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