Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prescott Football Manufacturing had the following operating results for 2019: sales =$29,924; cost of goods sold =$21,650; depreciation expense =$3,477; interest expense = $519; dividends

Prescott Football Manufacturing had the following operating results for 2019: sales =$29,924; cost of goods sold =$21,650; depreciation expense =$3,477; interest expense = $519; dividends paid = $829. At the beginning of the year, net fixed assets were $19,901, current assets were $3,469, and current liabilities were $3,221. At the end of the year, net fixed assets were $23,002, current assets were $4,392, and current liabilities were $2,997. The tax rate for 2019 was 21 percent.

a.

What is net income for 2019?(Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

b.

What is the operating cash flow for 2019?(Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

c.

What is the cash flow from assets for 2019?(A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

d.

Assume no new debt was issued during the year. What is the cash flow to creditors for 2019?(Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

e.

Assume no new debt was issued during the year. What is the cash flow to stockholders for 2019?(A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

a.Net income$

3,380

b.Operating cash flow$

7,376

c.Cash flow from assets

d.Cash flow to creditors

e.Cash flow to stockholders

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

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

6th edition

1259864235, 1259864230, 1260159547, 126015954X, 978-1259864230

More Books

Students also viewed these Accounting questions

Question

1. To take in the necessary information,

Answered: 1 week ago