Question
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.
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