# 7 The chief accountant for Grandview Corporation provides you with the companys 2016 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in the companys comparative balance sheets. These financial statements are shown next ($ in millions). GRANDVIEW CORPORATION Statement of Cash Flows For the Year Ended December 31, 2016 Cash Flows from Operating Activities: Collections from customers $ 145 Payment to suppliers (50 ) Payment of general & administrative expenses (38 ) Payment of income taxes (29 ) Net cash flows from operating activities $ 28 Cash Flows from Investing Activities: Sale of investments 85 Cash Flows from Financing Activities: Issuance of common stock 19 Payment of dividends (5 ) Net cash flows from financing activities 14 Net increase in cash $ 127 GRANDVIEW CORPORATION Income Statement For the Year Ended December 31, 2016 Sales revenue $ 160 Cost of goods sold 52 Gross profit 108 Operating expenses: General and administrative $ 38 Depreciation 30 Total operating expenses 68 Operating income 40 Other income: Gain on sale of investments 10 Income before income taxes 50 Income tax expense 18 Net income $ 32 GRANDVIEW CORPORATION Balance Sheets At December 31 2016 2015 Assets: Cash $ 200 $ ? Accounts receivable ? 104 Investments 75 Inventory 80 ? Property, plant & equipment 170 170 Less: Accumulated depreciation (105 ) ? Total assets ? ? Liabilities and Shareholders Equity: Accounts payable to suppliers $ 61 $ 50 Payables for selling & admin. expenses 29 29 Income taxes payable 42 ? Common stock 269 250 Retained earnings ? 36 Total liabilities and shareholders equity ? ? Required: 1. Calculate the missing amounts. (Enter you answers in millions, i.e., 10,000,000 should be entered as 10) 2. Prepare the operating activities section of Grandviews 2016 statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign. Enter you answers in millions, i.e., 10,000,000 should be entered as 10)