Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Apple Inc. Financial Overview for 2022: Income Statement: Item Amount Sales $10,000,000 Cost of Goods Sold $6,500,000 Operating Expenses $2,000,000 (Including Depreciation: $280,000) Interest Expense

Apple Inc. Financial Overview for 2022:

Income Statement:

Item

Amount

Sales

$10,000,000

Cost of Goods Sold

$6,500,000

Operating Expenses

$2,000,000 (Including Depreciation: $280,000)

Interest Expense

$85,000

Gain on Sale of Equipment

$65,000

Income Tax Expense

$200,000

Balance Sheet:

Item

12/31/2022

12/31/2021

Cash

$1,000,000

$700,000

Accounts Receivable

$450,000

$400,000

Inventory

$800,000

$720,000

Accounts Payable

$600,000

$550,000

Additional Information:

Equipment sold for $220,000 (original cost $320,000, carrying value $200,000).

New equipment purchased for $180,000.

Dividends declared and paid: $300,000.

Treasury shares purchased: 1,200 shares for $120,000.

Requirements:

Compute cash flows from operating activities.

Compute cash flows from investing activities.

Compute cash flows from financing activities.

Determine the ending cash balance.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics An Intuitive Approach with Calculus

Authors: Thomas Nechyba

1st edition

538453257, 978-0538453257

Students also viewed these Accounting questions