Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

that is all i get for the question, maybe the 2019 just a typing error just consider 2019 as 2020, thanks Using U.S. Composite Corporations

that is all i get for the question, maybe the 2019 just a typing error just consider 2019 as 2020, thanks

Using U.S. Composite Corporations 2019 financials, the income statement below and the additional information provided, solve for the following 2020 financial information:

a.) Calculate U.S. Composite Corporations 2020 Statement of Cash Flow (including Cash Flow from Assets and Cash Flows to Creditors and Stakeholders) using the following data:

image text in transcribed

In addition, during 2020 U.S. Composite Corporation purchased $250 in new fixed assets and sold $45 in fixed assets. It also borrowed $150 in new long-term debt and retired $80 in debt, and repurchased $19 in equity and issued no new equity.

b.) Using the income statement, cash flow statement you derived in a.) and the above information, solve for the remaining entries in U.S. Composite Corporations 2020 balance sheet. What are U.S. Composite Corporations total assets at the end of 2020?

Income Statement (US$ in millions) 2020 $ 2,375 $ 1,766 $ 338 Total operating revenues Cost of goods sold Selling, general and admin exp $ $ $ $ 100 171 32 203 Depreciation Operating income Other income Earnings before int & tax (EBIT) Interest expense Pre-tax income Taxes Current Deferred Net income Addition to retained earnings Dividends $ $ $ 139 30 19 $ $ 66 43 Current liabilities: Accounts payable $515 2020 Current Assets & Liabilities Current assets: Cash and equivalents Accounts receivable Inventories Total current assets: $254 $309 $246 $809 Total current liabilities: $515

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

Step: 3

blur-text-image

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

Cost And Management Accounting An Introduction

Authors: Colin Drury

5th Edition

1861529058, 978-1861529053

More Books

Students also viewed these Accounting questions

Question

How is a preferred stock dividend calculated?

Answered: 1 week ago