(Q22 and Q23 are on the same financial statements )

2019 2020 2019 2020

Cash $ 30 $52 Accounts payable $ 30 $40

S-T investments 30 30 Accruals 50 55

Accounts receivable 20 40 Notes payable 10 20

Inventory 60 70 Current liabilities 90 115

Current assets 140 192 Long-term debt 70 80

Common stock 30 30

Retained earnings 50 60

Net fixed assets 100 120 Total common equity 80 90

Total assets $240 $285 Total liab. & equity $240 $285

2019 2020

Sales $300 $330

COGS 190 210

Depreciation 10 10

EBIT $100 110

Interest 15 20

EBT $85 $90

Taxes (40%) 34 36

Net Income $51 54

Dividends (50%) 25.50 27

The Statement of Cash Flows of 2020.

Operating Activities Investing Activities

Net Income ( 54 ) Cash used to acquire FA ( )

Adjustments: Change in S-T investment ( )

Depreciation (10) Net cash from Investing Activities

Change in AR ( ) Financing Activities

Change in inventories ( ) Change in notes payable ( )

Change in AP ( ) Change in L-T debt ( )

Change in accruals ( ) Payment of cash dividends ( )

Net cash from Operating Activities( ) Net cash from Financing Activities( )

Q22 How much is the net cash from operating activities?