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Problem 1 (23 marks) You have been provided with 2020 and 2021 financial statement information (in Millions) for Midnights Inc. a) Prepare a statement of
Problem 1 (23 marks) You have been provided with 2020 and 2021 financial statement information (in Millions) for Midnights Inc. a) Prepare a statement of comprehensive income for Midnights Inc. for 2020 and 2021. Make sure to include the dividends paid and the addition to retained earnings on your statement of comprehensive income. (6 marks) b) Prepare a statement of financial position for Midnights Inc. for 2020 and 2021. (7 marks) c) Calculate the Cash flow from Assets for 2021. Make sure to include the OCF, Net Capital Spending and change in NWC. (5 marks) d) Calculate the Cash Flow to Creditors for 2021 (2 marks) e) Calculate the Cash Flow to Shareholders for 2021 and show how the Cash Flow Identity holds
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