Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Construct the Operating Activities part ONLY for 2017 from the Statement of Cash Flows based on the information below: Thomas Company 2017 Income Statement ($
Construct the Operating Activities part ONLY for 2017 from the Statement of Cash Flows based on the information below: Thomas Company 2017 Income Statement ($ in millions) Net sales $ 9,530 Cost of goods sold 7,760 Depreciation 465 Earnings before interest and taxes $ 1,305 Interest paid 104 Taxable income $ 1,201 Taxes 420 Net income $ 781 Thomas Company 2016 and 2017 Balance Sheets ($ in millions) 2016 2017 2016 2017 Cash $ 230 $ 260 Accounts payable $ 1,370 $ 1,385 Accounts rec. 1,000 900 Long-term debt 1,100 1,300 Inventory 1,810 1,695 Common stock 3,340 3,250 Total $ 3,040 $ 2,855 Retained earnings 640 890 Net fixed assets 3,410 3,970 Total assets $ 6,450 $ 6.825 Total liab. &: equity $ 6,450 $ 6.825
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started