ne Savatmark Company has assembled the accompanying balance sheets and statement of income and retained earnings for 20X1 Click the icon to vow the balance sheet) (Click the icon to view the statement of income and retained earnings On December 30, 20X4 Silvermark pad $190 million in cash to acquire a new plant to expand operations. This was partly financed by an issue of long-term debt for $120 million in cash Plant assets were sold for their book value of $6 million during 20X4 Because net income was 540 million the highest in the company's history Kayden Silvermark, the chief executive office was distressed by the company's extremely low cash balance Read the requirements Requirement 1. Prepare a statement of cash flows for 20X4 using the direct method for reporting cash flows from operating activities Complete the statement one section at a time, beginning with the cash flows from operating activities (Uso parentheses or a minus sign for numbers to bo subtracted Leave any unused cells blank) Silvermark Company Statement of Cash Flows Year Ended Decomber 31, 20X4 fin millions) Cash flows from operating activities Cash coloctions from customers Cash payments Cash paid for general expenses Cash paid for taxes Not cash provided by used for operating activities Etext pages Help me solve this Get more help Clear all Check answer X Data table Bill ta thie Silvermark Company Balance Sheets as of December 31 (in millions) ISS ti 20X4 20X3 Change $ 7$ (35) 42 $ 27 a 28 Assets Cash Accounts receivable Inventory Prepaid general expenses Plant assets net 55 82 58 24 n ond us 8 7 1 289 125 164 $ 441 $ 259 $ 182 21 ng $ 70 $ 48 S 22 om 15 5 5 10 Liabilities and shareholders' equity Accounts payable for merchandise Accrued tax payable Long-term debt Capital stock Retained earnings 120 120 eral 175 175 S 61 31 30 use Print Done Question 3, P5-66 (simil... HW Score: 22.22%, 10 of 4 - Data table Silvermark Company Statement of Income and Retained Earnings for the Year Ended December 31, 20X4 (in millions) Sales $ 245 Less Cost of goods sold Inventory, December 31, 20X3 s 58 150 Purchases Cost of goods available for sale $ 208 82 126 $ 119 Inventory, December 31 20X4 Gross profit Less: Other expenses General expense Depreciation Taxes Net income $ 45 20 14 79 $ 40 10 Dividends declared and paid. Print Done TTI wales 240 Less Cost of goods sold Inventory, December 31, 20X3 $ 58 Purchases 150 Cost of goods available for sale $ 208 Inventory, December 31, 20X4 82 126 Gross profit $ 119 Less: Other expenses General expense S 45 Depreciation 20 Taxes 14 79 Net income $ 40 Dividends declared and paid 10 Net income of the period retained 30 Retained earnings, December 31 20X3 31 $ 61 Retained earnings December 31, 20X4 5-66 (s of 6 Cash collections from customers TH nce sheet Cash dividends received from investments E sarnings.) Cash paid for general expenses | 20 R R $1 Cash paid for taxes cquire ar f $6 millio the compl R& Cash paid to suppliers Depreciation RE g the direc C Dividends paid cash flows su Increase/decrease in accounts payable Si St Increase/decrease in accounts receivable (in n >15 Increase/decrease in inventory Cash collections from customers Cash payments Cash paid for general expenses Cash paid for taxes Net cash provided by (used for) operating activities Increase/decrease in accounts payable 5. of Increase/decrease in accounts receivable no TH E Increase/decrease in inventory an CQU Increase/decrease in prepaid expenses OI $1 Increase/decrease in taxes payable ka R& Issuance of common stock TS the Issuance of long-term debt RE Loss on the sale of plant assets cas CC su Proceeds from the sale of plant assets si Si Purchase of plant assets YE Retirement of long-term debt C Cash collections from customers Cash payments Cash paid for general expenses Cash paid for taxes Net cash provided by (used for) operating activities