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can someone explain to me how to do this problem please Problem 4-10 Version 2 Integration of financial statements; Chapters 3 and 4 [LO4-8) The
can someone explain to me how to do this problem please
Problem 4-10 Version 2 Integration of financial statements; Chapters 3 and 4 [LO4-8) The chief accountant for Grandview Corporation provides you with the company's 2021 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in the company's comparative balance sheets. These financial statements are shown next (5 in millions) GRANDVIEW CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities: Collections from customers $133 Payment to suppliers (46) Payment of general & administrative expenses (35) Payment of income taxes (26) Nel cash flows from operating activities $ 26 Cash Flows from Investing Activities: Sale of investments 82 Cash Flows from Financing Activities: Issuance of common stock Payment of dividends (6) Net cash flows from financing activities 10 Net increase in cash $118 16 GRANDVIEW CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revenue Cost of goods sold Gross profit Operating expenses: General and administrative expense$35 Depreciation expense 27 Total operating expenses Operating income Other income: Gain on sale of investments Income before income taxes Income tax expense Net income Iskola s glaze GRANDVIEW CORPORATION Balance Sheets At December 31 2021 2020 197 ? ? 101 67 77 ? 167 167 (99) ? ? ? Assets: Cash Accounts receivable Investments Inventory Property, plant & equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for selling & admin, expense) Income taxes payable Common stock Retained earnings Total liabilities and shareholders' equity 61 47 26 39 26 ? 263 ? 247 35 ? ? Required: 1. Calculate the missing amounts. 2. Prepare the operating activities section of Grandview's 2021 statement of cash flows using the indirect method Step by Step Solution
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