Question
General Motors Financial Highlights for 2022: Income Statement: Item Amount Revenue $28,000,000 Cost of Goods Sold : $18,200,000 Operating Expenses : $6,000,000 (Including Depreciation: $550,000)
General Motors Financial Highlights for 2022:
Income Statement:
Item | Amount |
Revenue | $28,000,000 |
Cost of Goods Sold: $18,200,000
Operating Expenses: $6,000,000 (Including Depreciation: $550,000)
Interest Expense: $160,000
Gain on Sale of Equipment: $135,000
Income Tax Expense: $320,000
Balance Sheet:
Item | 12/31/2022 | 12/31/2021 |
Cash | $3,000,000 | $2,200,000 |
Accounts Receivable | $800,000 | $750,000 |
Inventory | $1,600,000 | $1,450,000 |
Accounts Payable | $900,000 | $850,000 |
Additional Information:
Equipment sold for $500,000 (original cost $650,000, carrying value $410,000).
New equipment purchased for $450,000.
Dividends declared and paid: $650,000.
Treasury shares purchased: 4,000 shares for $400,000.
Requirements:
Calculate cash flows from operating activities.
Calculate cash flows from investing activities.
Calculate cash flows from financing activities.
Determine the ending cash balance.
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