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Required: Prepare the statement of cash flows of Arduous Company for the year ended December 31, 2018. Present cash flows from operating activities by the
Required: Prepare the statement of cash flows of Arduous Company for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Do not round your intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10.). Amounts to be deducted should be indicated with a minus sign.)
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I don't know where I get wrong. The result did not come out as increase in cash by 33 million,
The comparative balance sheets for 2018 and 2017 and the income statement for 2018 are given below for Arduous Company Additional information from Arduous's accounting records is provided also ARDUOUS COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) 2018 2017 Assets Cash Accounts receivable Investment revenue receivable Inventory Prepaid insurance Long-term investment Land Buildings and equipment s 121 88 208 197 16 212 180 210 419 (104) 207 21 132 157 414 Less: Accumulated depreciation Patent (134) 37 42 1,302 1,146 Liabilities Accounts payable Salaries payable $5779 23 ond interest payable Income tax payable Deferred income tax liability Notes payable Lease liability Bonds payable 16 18 19 25 27 2 4 15 289 (32) Less: Discount on bonds shareholders' Equity Common stock Paid-in capital-excess of par Preferred stock Retained earnings Less: Treasury stock (29) 417 451 109 92 241 16 228 1,302 1,146Step by Step Solution
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