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Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Accumulated depreciation Net plant and equipment Other
Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Accumulated depreciation Net plant and equipment Other long-term assets Total Total assets CLANCY'S DOG BISCUIT CORPORATION Balance Sheet as of December 31, 2021 and 2020 (in millions of dollars) 2021 2020 Liabilities and Equity 2021 2020 Current liabilities: $ 5 $ 5 Accrued wages and taxes $ 13 $ 12 37 27 Accounts payable 24 1 2 22 36 32 Notes payable 21 20 $ 78 $ 64 Total $ 58 $ 54 Long-term debt $ 34 $ 32 $104 25 $ 84 Stockholders' equity: 22 $ 79 $ 62 25 $104 25 $ 87 Total $182 $151 Preferred stock (2 million shares) Common stock and paid-in-surplus (5 million shares) Retained earnings Total liabilities and equity $ 2 $ 2 11 11 77 52 $ 90 $ 65 $182 $151 CLANCY'S DOG BISCUIT CORPORATION Income Statement for Years Ending December 31, 2021 and 2020 (in millions of dollars) 2021 2020 Net sales $ 102 $ 106 Less: Cost of goods sold 52 48 Gross profits $ 50 $ 58 Less: Other operating expenses 5 4 Earnings before interest, taxes depreciation, and amortization (EBITDA) $ 45 es $ 54 Less: Accumulated depreciation 3 3 Earnings before interest and taxes (EBIT) $ 42 $ 54 CLANCY'S DOG BISCUIT CORPORATION Income Statement for Years Ending December 31, 2021 and 2020 (in millions of dollars) Net sales Less: Cost of goods sold Gross profits 2021 $ 102 2020 $ 106 52 48 $ 5 50 $ 58 5 4 Less: Other operating expenses Earnings before interest, taxes depreciation, and amortization (EBITDA) Less: Accumulated depreciation Earnings before interest and taxes (EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes es $ 45 $ 54 3 3 es 42 $ 54 3 3 $ es 39 8 Net income $ 31 es es 48 10 38 Less: Preferred stock dividends $ 1 $ 1 Net income available to common stockholders $ 30 $ 37 Less: Common stock dividends 5 5 Addition to retained earnings $ 25 $ 32 Per (common) share data: Earnings per share (EPS) $ 6.00 $ 7.40 Dividends per share (DPS) $ 1.00 $ 1.00 Book value per share (BVPS) Market value (price) per share (MVPS) $17.60 $12.60 $18.25 $16.00 Prepare a statement of cash flows for Clancy's Dog Biscuit Corporation. (Enter your a deducted should be indicated with a minus sign.) Statement of Cash Flows for Year Ending December 31, 2021 (in millions of dollars) Cash flows from operating activities Net income Additions (sources of cash): Common stock dividends Depreciation Subtractions (uses of cash): Depreciation Net cash flow from operating activities Cash flows from investing activities Subtractions: Increase in accounts payable Depreciation Net cash flow from investing activities Cash flows from financing activities Additions: Depreciation Increase in fixed assets Subtractions: Net cash flow from operating activities Cash flows from investing activities Subtractions: Increase in accounts payable Depreciation Net cash flow from investing activities Cash flows from financing activities Additions: Depreciation Increase in fixed assets Subtractions: Increase in fixed assets Increase in accounts receivable Net cash flow from financing activities Net change in cash and marketable securities
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