Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nike Inc. Financial Information for 2022: Income Statement: Item Amount Sales $35,000,000 Cost of Goods Sold $22,750,000 Operating Expenses $7,500,000 (Including Depreciation: $700,000) Interest Expense

Nike Inc. Financial Information for 2022:

Income Statement:

Item

Amount

Sales

$35,000,000

Cost of Goods Sold

$22,750,000

Operating Expenses

$7,500,000 (Including Depreciation: $700,000)

Interest Expense

$190,000

Gain on Sale of Equipment

$165,000

Income Tax Expense

$380,000

Balance Sheet:

Item

12/31/2022

12/31/2021

Cash

$4,500,000

$3,200,000

Accounts Receivable

$950,000

$900,000

Inventory

$1,900,000

$1,750,000

Accounts Payable

$1,050,000

$1,000,000

Additional Information:

Equipment sold for $650,000 (original cost $800,000, carrying value $530,000).

New equipment purchased for $600,000.

Dividends declared and paid: $800,000.

Treasury shares purchased: 5,500 shares for $550,000.

Requirements:

Compute cash flows from operating activities.

Compute cash flows from investing activities.

Compute cash flows from financing activities.

Compute the ending cash balance.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Volume 1

Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

9th Canadian edition

978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096

More Books

Students also viewed these Accounting questions

Question

Wear as little as possible

Answered: 1 week ago

Question

Be relaxed at the hips

Answered: 1 week ago