Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tesla Inc. Financial Information for the Year Ended December 31, 2022: Income Statement: Sales : $8,000,000 Cost of Goods Sold : $5,200,000 Selling Expenses :

Tesla Inc. Financial Information for the Year Ended December 31, 2022:

Income Statement:

Sales: $8,000,000

Cost of Goods Sold: $5,200,000

Selling Expenses: $1,200,000 (Depreciation: $250,000)

Interest Expense: $75,000

Gain on Sale of Equipment: $55,000

Income Tax Expense: $180,000

Balance Sheet:

Item

12/31/2022

12/31/2021

Cash

$900,000

$600,000

Accounts Receivable

$400,000

$350,000

Inventory

$750,000

$670,000

Accounts Payable

$550,000

$480,000

Additional Information:

Equipment sold for $200,000 (original cost $300,000, carrying value $180,000).

New equipment purchased for $150,000.

Dividends declared and paid: $250,000.

Treasury shares purchased: 1,000 shares for $100,000.

Requirements:

Calculate cash flows from operating activities.

Calculate cash flows from investing activities.

Calculate cash flows from financing activities.

Determine the ending cash balance.

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_2

Step: 3

blur-text-image_3

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

Accounting Volume 1

Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

9th Canadian edition

978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096

More Books

Students also viewed these Accounting questions

Question

6. How can hidden knowledge guide our actions?

Answered: 1 week ago

Question

7. How can the models we use have a detrimental effect on others?

Answered: 1 week ago