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ABC Corporation Comparative Balance Sheets at December 31 (in millions) Assets 20X1 20X2 Liab. & Shareholders Equity 20X1 20X2 Cash $8 $6 Notes payable $15

ABC Corporation Comparative Balance Sheets at December 31 (in millions)

Assets

20X1

20X2

Liab. & Shareholders Equity

20X1

20X2

Cash

$8

$6

Notes payable

$15

$10

Accounts receivable

16

22

Accounts payable

6

12

Inventories

15

16

Accrued wages

4

6

Total current assets

39

44

Accrued taxes

3

5

Fixed assets, net

53

54

Total current liabilities

28

33

Other assets

3

5

Long-term debt

12

8

Common stock

15

18

Retained earnings

40

44

Total assets

$95

$103

Total Liab. & equity

$95

$103

ABC Corporation Statement of Income and Retained Earnings

Year ended December 31, 20X2 (in millions)

Net sales

$75

Expenses

Cost of goods sold

$35

SG&A expenses

7

Depreciation

12

Interest

3

57

Net income before taxes

$18

Less: Taxes

6

Net income

$12

Add: Retained earnings at 12/31/20X1

40

Subtotal

$52

Less: Dividends

8

Retained earnings at 12/31/20X2

$44

In the sources and uses of funds statement, how much is the change in fixed asset?

In the statement of cash flows, what is the cash flow under financing activities?

In the sources and uses of funds statement, which one of the following is NOT a use of fund?

In the statement of cash flows, which one of the following is NOT a financing activity?

In the statement of cash flows, how much is the tax paid?

In the statement of cash flows, what is the cash flow under operating activities?

In the sources and uses of funds statement, which one of the following is NOT a source of fund?

In the statement of cash flows, what is the cash flow under investing activities?

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