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Prepare a statement of cash flows for Clancys Dog Biscuit Corporation. (Enter your answers in millions of dollars. Amounts to be deducted should be indicated
Prepare a statement of cash flows for Clancys Dog Biscuit Corporation. (Enter your answers in millions of dollars. Amounts to be deducted should be indicated with a minus sign.)
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Use the balance sheet and income statement below: 2018 2017 Assets Current assets: Cash and marketable securities Accounts receivable Inventory Total Fixed assets: Gross plant and equipment Less: Accumulated depreciation Net plant and equipment Other long-term assets Total CLANCY'S DOG BISCUIT CORPORATION Balance Sheet as of December 31, 2018 and 2017 (in millions of dollars) 2018 2017 Liabilities and Equity Current liabilities: $ 3 Accrued wages and taxes 43 34 Accounts payable 47 39 Notes payable $ 93 $ 76 Total Long-term debt $118 $ 98 Stockholders' equity: - 34 29 Preferred stock (2 million shares) $ 84 $ 69 Common stock and paid-in-surplus (5 million shares) 32 32 Retained earnings $116 $ 101 Total $ 209 $177 Total liabilities and equity $ 18 31 33 $ 82 $ 43 $ 11 29 27 $ 67 $ 38 $ 2 11 71 $ 84 $ 2 11 59 $ 72 Total assets $ 209 $177 58 5 CLANCY'S DOG BISCUIT CORPORATION Income Statement for Years Ending December 31, 2018 and 2017 (in millions of dollars) 2018 2017 Net sales $ 116 $ 120 Less: Cost of goods sold 54 Gross profits $ 58 66 Less: Other operating expenses 7 6 Earnings before interest, taxes depreciation, and amortization (EBITDA) $ 51 $ 60 Less: Accumulated depreciation 5 Earnings before interest and taxes (EBIT) $ 46 55 Less: Interest 10 10 Earnings before taxes (EBT) $ 36 45 Less: Taxes 20 23 Net income 16 22 Less: Preferred stock dividends 1 1 Net income available to common stockholders 15 21 Less: Common stock dividends 3 3 Addition to retained earnings $ 12 Per (common) share data: Earnings per share (EPS) $ 3.00 $ 4.20 Dividends per share (DPS) $ 0.60 $ 0.60 Book value per share (BVPS) $16.40 $14.00 Market value (price) per share (MVPS) $17.05 $17.40 m 18 Statement of Cash Flows for Year Ending December 31, 2018 (in millions of dollars) Cash flows from operating activities Additions (sources of cash): Subtractions (uses of cash): Net cash flow from operating activities Cash flows from investing activities Subtractions: Net cash flow from investing activities Cash flows from financing activities Additions: Subtractions: Net cash flow from financing activities Net change in cash and marketable securitiesStep by Step Solution
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