Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PROBLEM C Given the information about Mill's Company in the following chart, construct a statement of cash flows for the company for 2019 and use
PROBLEM C Given the information about Mill's Company in the following chart, construct a statement of cash flows for the company for 2019 and use your statement to answer questions 12, 13 and 14 Mill's Company Balance Sheets for the Year Ending December 31, 2018 and 2019 Cash Accounts receivable Inventories Total current assets 2018 1,200 2,900 9,100 13,200 2019 800 3,700 8,000 12,500 Gross fixed assets Accumulated depreciation Net fixed assets Investment in Tim Tim, Incorporated Total assets 84,800 (22,000) 62,800 10,000 86,000 84,800 (27,000) 57,800 16,600 86,900 Notes payable Accounts payable Total current liabilities 1,500 2,300 3,800 1,200 1,600 2,800 40,100 Long-term debt Common stock ($2 par) Retained earnings Total liab. & equity 17,100 25,000 43,500 19,400 21,200 86,900 86,000 Balance Sheet Footnotes: On June 14, 2018, Mill's Company purchased 30% of the stock of TimTim, Incorporated for $10,000. On August 7, 2019, Mill's Company purchased an additional 4% of the stock of TimTim, Incorporated for $4,500. Income Statement Data: Mill's Company net income in 2018 = $12,000 Mill's Company net income in 2019 = $3,000 (that is, negative $3000) 12. What was Net Cash Flow from Operating Activities for Mill's Company for the period January 1, 2019 to December 31, 2019? Record your answer as a dollar amount rounded to zero (0) decimal places, but do not record a dollar sign or any commas. If your answer is negative (i.e., a loss), put a hyphen before your answer with no space between the - sign and the number. For example, record negative $23,243.83 as -23244. 13. What was Net Cash Flow from Investing Activities for Mill's Company for the period January 1, 2019 to December 31, 2019? Record your answer as a dollar amount rounded to zero () decimal places, but do not record a dollar sign or any commas. If your answer is negative (i.e., a loss), put a hyphen before your answer with no space between the - sign and the number. For example, record negative $23,243.83 as -23244. 4 14. What was Net Cash Flow from Financing Activities for Mill's Company for the period January 1, 2019 to December 31, 2019? Record your answer as a dollar amount rounded to zero (0) decimal places, but do not record a dollar sign or any commas. If your answer is negative (i.e., a loss), put a hyphen before your answer with no space between the - sign and the number. For example, record negative $23,243.83 as -23244
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started